Alandalus Property’s Village Project 99% complete, launch likely in Q2 2023

Logo of Alandalus Property Co.

Alandalus Property Co. said that The Village Project, formerly Al Jawhara Al Kubra, is 99% complete, according to a statement to Tadawul.

The project’s structure and concrete work, electromechanical work, and, facade work was 100% complete, while interiors were 99% achieved, the statement added.

According to the latest report from the co-developer, operations are expected to start in the second quarter of 2023.

The project launch was delayed as the company awaited the final approvals for the actual operation, the statement said, adding that the project costs remain unchanged, with no related impact on the company’s financial statements.

In February 2019, the real estate developer said it will begin construction works at Al Jawhara Al Kubra project and establish a new company, known as Al Jawhara Al Kubra Co., Argaam earlier reported.

The project’s construction works were expected to be completed by the end of Q4 2021, with operations to begin in the first quarter of 2022. In July 2020, Alandalus estimated operations to commence in Q3 2022.

The title deed of the entire project land was transferred to Al Jawhara Al Kubra Real Estate Development and Investment Co., with ownership distributed as follows; Al Jawhara Al Kubra Real Estate (25%), Jarir Commercial Development Co. (42%), and Mohamed Abdulaziz Al Habib & Partners for Real Estate Investment Co. (33%) (related parties).