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Sat 20 Dec 2008 04:00 AM

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Keppel Land joins Sedco in development venture

Asian property developer Keppel Land is planning to invest and develop premium waterfront land in Jeddah, Saudi Arabia, with a US $801 million (SAR3 billion) luxury residential project.

Asian property developer Keppel Land is planning to invest and develop premium waterfront land in Jeddah, Saudi Arabia, with a US $801 million (SAR3 billion) luxury residential project.

A joint venture between Keppel Land and the Saudi Economic and Development Company (Sedco) has been formed to create Keppel Al Numu to develop several projects.

Keppel Land specialises in seafront property development.

One project includes the Jeddah Municipality's plans to develop the Corniche into seafront developments that includes two landmark residential towers with more than 900 luxury apartments.

Jeddah's north Corniche is a prime real estate location with its long sea frontage and cluster of new lifestyle developments.

The company will bear the full responsibility of the project. It will begin from the first half of 2009 and is planned to be completed by 2013.

Keppel Al Numu is currently talking to banks for funds, but they also have a fallback plan of starting the project with internal funds. They are also looking into their local partners to raise capital.

According to Ang Wee Gee, executive director and CEO, Keppel Land International, the market in Saudi Arabia is not as competitive as compared to Shanghai or Dubai, but the real estate market is top quality and worth special interest.

Founded in 1976 and based in Jeddah, Sedco is a private Shariah-compliant wealth management company with financial, real estate and direct investments in Saudi Arabia and around the world.

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