SINGAPORE : Keppel Land is extending its footprint into Saudi Arabia. The Singapore developer is setting up a joint venture to develop luxury residences on a 3.6 hectare waterfront site in Jeddah, Saudi Arabia's commercial and recreation hub.
The total investment cost in the project is estimated to be S$760 million.
Keppel Land will hold a 51 percent stake in the joint venture. The Saudi Economic and Development Co, or SEDCO, will own the remaining stake.
The development will comprise three high-rise towers with a total of about 1,000 seafront apartments.
It will be built in phases according to market demand.
The property will target the high-end market and is expected to be launched next year. - CNA/ch
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