At home in the residential property market
Abdul Latif Jameel Land’s first residential project in Saudi Arabia is progressing at some pace, as work continues on the 242 new apartments that form the ’J│ONE’ Complex in Jeddah.
J│ONE, in the vibrant Al Salamah area of North West Jeddah, breaks new ground for Abdul Latif Jameel Land, which has recently expanded into residential real estate. With urbanization and a rapidly growing population combining to create a shortfall in contemporary affordable housing, many believe there has never been a better time to invest in residential property development in Saudi Arabia.
Inspired by Jeddah’s rising art, design and creative scene, J│ONE offers ambitious but uncomplicated urban chic, modern, but anchored in culture and the values of family. It is designed to encourage interaction between tenants as like-minded individuals sharing common interests to create an integrated and vibrant community.
Fady Jameel, Deputy President and Vice Chairman, International Operations, at Abdul Latif Jameel, said: “The residential market in Saudi Arabia offers a huge opportunity. Our aim is to build on our 70 years of real estate expertise to develop a new community that suits the evolving needs of the Saudi market, for both lower and middle income sectors. From the location, to the use of material and the correct use of space, we want this project to stand out in the city.”
The five-story vertical complex features one to four-bedroom apartments, with floor areas ranging from 80m² to 220m². It combines a prime location, which gives residents easy access to Jeddah’s business district, with a range of on-site facilities and support services, including a fitness center, play areas for children, retail facilities and a swimming pool, with parking for up to 310 vehicles.
In addition, Abdul Latif Jameel’s own finance provider can help purchasers arrange mortgage finance for their property.
Fady Jameel said: “As developers, we’re working closely with the Government and local municipality to deliver added services to our buyers. We want to create a one-stop shop where people are not only considering a property as a place to live, but they are buying into a lifestyle itself, and we can help them do it as smoothly and quickly as possible.”
J│ONE is the first residential property for Abdul Latif Jameel Land, and marks the beginning of a long program of residential and other property development. The innovative model being pioneered in Jeddah is designed to be replicable in other Saudi locations, from Riyadh to the Eastern Province. And with J│ONE currently progressing on schedule, the outlook looks bright.
“We’re enormously proud of J│ONE,” said Fady Jameel. “It’s amazing what the team have achieved so far, and we’re immensely grateful to the municipality, whose help and support have been vital in making the project a reality. We definitely see this as the first of more developments to come.”
See J│ONE under construction.