Plans have been revealed to build a two-tower development in Jeddah, Saudi Arabia, offering 272 luxury apartments and retail space.
Plans for the Bayat Plaza project, which were unveiled at the Cityscape Jeddah 2015 show, are the first to be developed by Manazil, the development arm of the Sabban Group of Companies.
Prices for apartments at Bayat Plaza start from SR1 million ($266,582) and the development is expected to be completed by the end of 2016.
Sloanes Real Estate Brokers, another subsidiary of Sabban, will be the exclusive agent for the residential development, a statement said.
The project will include two neighbouring towers that will offer 272 luxury apartments including duplexes and penthouses.
Residents of Bayat Plaza will be serviced by over 1,600 sq m of retail space spanning across two lower levels. This will include a mini market, cafés and food outlets, designer boutiques and a gymnasium.
"The launch of Bayat Plaza project is a significant milestone and we are excited to introduce a world class real estate development in the Kingdom", said Arron Browne, group sales and marketing director at SABBAN Group of Companies.
"The property market in Saudi Arabia has witnessed resurgence leading to renewed optimism and at Sabban Group, we have been closely monitoring this trend," said Browne. "We are confident that this is an opportune time to launch a project like Bayat Plaza that offers new levels of refinement for consumers in Saudi Arabia."For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.