Business & Money | Monday 15 June, 2015 1:48 pm |

SEDCO Development, a subsidiary of SEDCO Holding Group and the prime developer of AlAhli SEDCO Residential Development Fund, has been awarded a contract for the construction of “Gardenia Residence”, a project owned by the Fund in partnership with Ghoneim International Co. Ltd.

The project’s execution phase is 19 months, with expected delivery date set for end of 2016.

Eng. Khalid Assad Jamjoom, CEO of SEDCO Development and AlSaid Ghoneim, GM of Ghoneim International Co. Ltd. signed the contract.

Gardenia Residence covers a 26,000 sqm land located west of Madinah Road previously acquired by the Fund through SEDCO Development. The project accommodates more than 370 diversified residential units that cater to the needs of residents as part of the growing demand in Jeddah’s real estate sector.

Ghoneim International Co. Ltd. acquired the project under its ability to provide competitive prices and determine the timeline for the execution of the project. The project’s signing falls under SEDCO Development’s strategies in partnership with real estate funds, investors, land owners and the development of real estate units that answers the growing local demand on diversified residences.

NCB Capital has successfully closed the investment fund after its investors’ shares exceeded the targeted amount of SR350 million, aiming to achieve 10% internal returns per annum.