Business & Money | Monday 7 November, 2016 4:09 am |

Sloanes Real Estate Brokers, a subsidiary of the SABBAN Group of Companies, today unveiled the latest construction updates of Bayat Plaza at Cityscape Jeddah.

 

After announcing the project in last year’s edition of the conference, Sloanes welcomed the exhibition visitors to their interactive booth to showcase the developments of the two towers, the company’s first flagship development in the Kingdom.

                                                                                                    

“It’s an honour to be part of Cityscape again, as this is where we kicked-off our project in 2015,” said Arron Browne, Managing Director of Sloanes Real Estate KSA. “We are delighted to announce that we have sold 40% of Bayat Plaza’s available units with only one year to go until the expected delivery date.”

 

Located off the intersection of Madina Road and King Abdullah Road in Jeddah, the ‘Bayat Plaza’ project is the first of its kind mixed use residential high-rise development in Jeddah, and is being developed by Manazil LLC, one of Sabban Group’s development arms. The project includes two neighbouring towers that will offer 268 luxury apartments including 2 bedroom apartments, 3 and 4 bedroom duplexes and 5 bedroom penthouses. Furthermore, the residents of ‘Bayat Plaza’ will be serviced by over 2500 SqM retail space on the ground floor, as well as a host of residents’ facilities such as games rooms, family rooms, multi-function halls, children’s’ play room and a state of the art gymnasium. 

 

According to a new report by the Middle East Real Estate Barometer that reflects the market sentiment of 684 investors and home buyers from the GCC and Egypt, Saudi Arabia was ranked amongst the top three most attractive markets for investment in the Middle East. The report also showed that 78% of the investors also plan to purchase a residential, commercial or retail property in the next 12 months in the Kingdom.

 

“With a total value exceeding SR1.3 trillion and estimated to reach SR1.5 trillion in the coming years, the real estate sector is becoming one of the most attractive investment sectors in Saudi Arabia, since, unlike any other sectors, it is recognized for its low risk investment opportunities driven by, rigid and inflexible prices, steady returns, sustainable growth of the industry, and the high unmet demand,” added Arron.

 

A full mock-up ‘Bayat Plaza’ apartment is now available for viewing at Sloanes Real Estate Showroom on Sari Street. Interested buyers can experience first-hand the distinguished lifestyle and luxury offered by the project, and take advantage of off-plan sales.

 

As of November 2016, construction of ‘Bayat Plaza’ is 80% complete and development is expected to be ready by the end of 2017.