Samba Real Estate Fund Launches more Real Estate Investment Projects in the Kingdom
Sambacapital announced the launch of more real estate investment projects under its Shariah-compliant Real Estate Fund (SREF), which was launched early in 2007, as the first Real Estate Fund in the Kingdom under the umbrella of the Real Estate Fund Regulations issued by the Capital Market Authority.
Mr. Eisa M. Eisa, Chairman of Sambacapital said, "the area of SREF's projects has increased during the past period of 2008G by 3,30,000 square meters through development of several strategic locations in Makkah and Jeddah in the Western Region and Riyadh, in the Central Region, bringing the total area of SREF's projects to approximately 7,500,000 square meters, varying from commercial, industrial and residential projects, which will help realizing the Fund objectives of capital appreciation at medium and long terms"
Al Eisa gives highlights of the projects, the development and infrastructure of which has already commenced by Omar Qasem Al Eisaei Group along with other parties who supervise the Fund's execution and management activities.
Such Projects include "Rabwat Makkah Project", with an area of approximately 1 million square meters, locating on a high land, minutes away from Haram. This Project is located in the center of residential neighborhoods and commercial centers such as Al Hijaz Commercial Center, General Housing in Makkah, Al Hamraa' and Rabiat Plan, and Umm Alqura arterial Road that leads to Haram. The Project aims to construct a distinguished residential plan with all services and facilities that provide for the architectural distinction and excellent investment advantages.
SREF projects in Jeddah include the 1 million square meter "Jeddah Industrial Area Project", locating between the Corniche Street and Allaith Road south of Jeddah, close to some of the biggest factories and investment and economical projects. This Project will be developed to accommodate industrial projects and warehouses.
The second Development in Jeddah is "Alnakheel Warehouses Project", with an area of approximately 1 million square meters. The Project enjoys a distinguished strategic location due to its proximity from vital services areas and plenty of industrial and commercial developments, thus generating high demand from investors on land plots in the area.
The third development in Jeddah is "Alaqsa Plan" with an area of approximately 650,000 square meters. Execution of the basic public utilities and services, gardens, mosques and car parkings has commenced on this plan.
The fourth Development in Jeddah is "Al Eisaei Tower", a modern commercial and offices tower, with a total building area of 17,000 square meters. The Tower is located at the entrance of King Abdulaziz Street in the down town of Jeddah. It is composed of 24 floors of luxurious office spaces with astonishing view to the Red Sea and the City. The Tower includes also 3 floors for car parking. Licenses and approvals from the competent authorities have been fully obtained and foundations excavation has already stared.
The fifth Development in Jeddah is the "Corniche Tower 52". It will be a luxurious hallmark on northern Jeddah Corniche on a land area of 10,000 square meters with astonishing view to the Red Sea. It includes 52 floors of premium class hotel apartments with total distinction and modern design that will offer a unique tenant experience. The land area, open spaces and building area provide for high class recreation and social facilities including swimming pools, and a spa with full services for women and families with total privacy, in addition to a tennis court, well-landscaped gardens, and a multi-purpose Hall. Mobilization is underway to commence execution.
SREF's Riyadh projects include a project of an area totaling to approximately 3.5 million square meters. This Project enjoys high investor attractiveness due to its close proximity to high-density residential neighborhoods and existing and future vital Project.
The Second project in Riyadh is "Alsulai Project" on a total area of approximately 200,000 square meters. It is located at Asulai District directly on lbn Majah street and Jabal Alrahmah Road, close to the Southern Ring Road, South East of Riyadh. The Project is featured with its distinctive strategic location due to its close proximity with vital sites and faciliites as well as industrial and commercial projects, which boosts the investors' demand on the land nearby.
With those projects, the total area of the ongoing Fund's Projects is approximately 7,500,000 square meters after selling 2 projects toward the end of 2007, with a total area of 2,500,000 square meters, i.e. the South Land and Zahrat Almanar Plan.
El Eisa confirmed that all SREF projects enjoy high investment attractiveness and feasibility with great potential to boost the fund's investments and returns. "These projects fall under a total investment strategy aiming at developing a number of promising real estate projects in other Kingdom areas which will be announced soon" Al Eisa says.
Samba has launched its Real Estate Investment Fund early in 2007 in cooperation with Omar Q. Aleisaei Group that specializes in real estate investments and development. The Fund has generated high returns to investors hitting 40% outweighing the benchmark of 20.43%. SREF is an investment channel provided by Samba to its clients to grow their savings and investments in the medium and long run through investing in the fund assets, which principally covers acquiring and developing residential, commercial and investment lands, acquiring and developing existing buildings, investing in equities of listed real estate companies, and investing in private equities of Saudi Real estate companies before going public.