The project was only announced last week at the Jeddah Hilton where a spectacular launch took place, and already the company has had more reservations for the residential units than it had targeted.
Cayan chairman Mr Ahmed Al Hatti said they had been delighted and honoured that the Deputy Mayor of Jeddah attended their launch event and asked questions about Lamar.
The company also reports great interest was shown in the development at the city’s biggest real estate show, the Jeddah International Real Estate, Financing and Housing Exhibition 2007, where Cayan showcased Lamar. “Investor response at the exhibition was ‘outstanding’,” Mr Al Hatti said.
‘As is usual with high-class projects, most interest has been shown in the duplex and penthouse apartments, but they are also pleased with early sales of one, two, three, four bedroom apartments. Reservations have been made for more than three hundred million SR to date,’ he said.
Mr Bader Al Zahrani, chairman of Zahran Property Investments, who are cornerstone investors in Lamar, says the interest shown so far is confirmation that the project is well timed. “Jeddah is developing quickly and Lamar has set new standards for developments in the city. I am sure it will be only the first of many high rise projects in Jeddah.”
Lamar is a SR two billion development at what has been billed as the “best address” in the Western Region of Saudi Arabia on the fashionable North Corniche on the Red Sea. It has one of KSA’s premier companies, Zahran, as a cornerstone investor.
As well as being the first high rise development in Jeddah, Lamar will also be the first there to offer residential, commercial and retail space – plus a spa – as part of one development.
Mr Al Hatti says the project will feature two stunning residential towers, an upmarket mall, luxury spa, offices, indoor squash courts, outdoor tennis courts, swimming pools for adults and children, plus fully equipped gyms and beauty salons.
“The one-to-four bedroom apartments, three-bedroom lofts, half and full floor penthouses in the 58 and 65-storey residential towers all offer stunning views of the Red Sea,” he said. “Each tower will also have a luxurious VIP lounge where residents can entertain guests.”
The 13-storey commercial development will curve its way between the two residential towers and offer offices in various sizes. All will have access to a stunningly-appointed executive floor with a selection of meeting and conference rooms, plus covered parking, and a high-tech security system.
Mr Al Hatti said the proposed three-storey mall will become the premier shopping destination for the elite of Jeddah, being home to many iconic international brands and haute-cuisine restaurants.
“The proposed Lamar Spa will also be among the best of its kind in the Middle East, offering the most modern and up-to-date treatments in truly elegant surroundings,” he added.
Cayan Investment & Development is the company behind the international award-winning “twisting” Infinity Tower at Dubai Marina in the UAE. Infinity Tower is one of three Dubai residential projects under construction for Cayan, with the other two being DorraBay and The Jewels. A fourth, La Residencia Del Mar, has already handed over to the owners. Cayan is also developing the Cayan Business Centre in the TECOM area in Dubai.
With the newly announced Lamar development, Cayan’s total portfolio now exceeds SR15 billion.
Tuesday, March 6- 2007 @ 16:41 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.