View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. Analysis
October 31, 2014

October’s top stories: Omagine to develop $2.5bn beach project, D3 project design

Saudi Arabia approves a $13.32bn pilgrim city project in Madinah, UK-based Chestertons plans to launch AED8.8bn ($2.3bn) Royal Wharf project in London, while US-based Parsons has secures a contract from TECOM Investments to manage the entire Dubai Design District (D3) project. Designbuild-network wraps-up the key headlines from October 2014.


Saudi Arabia approves $13.32bn pilgrim city project in Madinah

Saudi Arabia’s King Abdullah approved the SAR50bn ($13.32bn) pilgrim city project in Madinah.

Located 3km west of the Prophet’s Mosque and 900m from Quba Mosque, the city will be spread across an area of more than 1.6 million m² and will accommodate 200,000 people.

The project will be built in two phases, where the first phase will cost SAR3.3bn ($880m) and the second will cost SAR2.7bn ($719m), which will be financed by state-owned Public Investment Fund.

The pilgrim city will have 100 administrative and residential towers, 30 hotels, the Haj Ministry headquarters, the Haj secretariat, the Madinah governor’s office, a 400-bed hospital and a railway and bus station.

Oman signs deal with Omagine for $2.5bn mixed-use development


The Government of the Sultanate of Oman signed a deal with Omagine for the development of a $2.5bn Omagine project in the sultanate, which would serve as a tourism and real-estate development.

To be built on one million m² of beachfront land, the Omagine project will include hotels, commercial buildings, retail establishments and more than two thousand residences.

The most important design feature of the project will be a chain of seven pearl-shaped buildings that will run along the promenade and be used to house exhibitions, performances, arts and crafts displays, and learning centres.

Chestertons to launch $2.3bn Royal Wharf project in London

UK-based Chestertons will launch the AED8.8bn ($2.3bn) Royal Wharf project in London, a series of luxury mixed-use developments by Oxley and Ballymore.

The Royal Wharf project, planned to be developed near the London’s only cross-river cable car Emirates Air Line, would create a new town centre complete with 3,385 new riverside properties, providing homes for about 10,000 residents in the region.

It will include two new parks and three pocket parks, a high street with nearly 5,000m² of shops, bars and restaurants.

New York Liberty Development grants $1.6bn for 3 World Trade Center

New York Liberty Development (NYLDC) granted more than $1.6bn of funds for the construction and development of Tower 3, which has been stalled for some time.


The third tower of the World Trade Center will have 80 floors of which 58 levels, around 2.5 million ft², will be used for office space.

Governor Andrew M Cuomo said: "The World Trade Center is a reminder of the resilience and determination that defines us as New Yorkers, and today we are taking another step forward in rebuilding it for the future.

The remaining funds required for the construction of the Tower 3 will be provided by project developer, World Trade Center LLC, an affiliate of Silverstein Properties, with additional financial assistance to come from the state, city and Port Authority.

Toronto to receive new $1.8bn office and transit development

Metrolinx and Canada-based real estate firm Ivanhoé Cambridge signed an agreement to develop an integrated office and transit complex in downtown Toronto for approximately $1.8bn.

The developmental works include two new 48-storey office towers that will be located on the north and south of the rail corridor, a one-acre ‘Sky Park’ over the rail tracks to connect the two office towers and a $106m GO Transit bus terminal near the foot of Bay Street.

Metrolinx and Ivanhoé Cambridge previously selected UK-based architectural firm Wilkinson Eyre as the design architect for the project.

Parsons secures contract to oversee Dubai Design District project

Dubai Design Dist

US-based Parsons secured a contract from TECOM Investments to manage the entire Dubai Design District (D3) project.

Located next to the Dubai Business Bay area, the D3 project covers an area of approximately 22 million ft² that will house ten buildings currently under construction.

Under the deal, Parson will be responsible for the infrastructure, road and bridge design, and construction activities at the site.

The project will also feature four-star and boutique hotels and furnished apartments with around 4,000 rooms.

Larsen and Toubro wins $487m deal to build Statue of Unity in India

Larsen and Toubro (L&T) secured a INR29.89bn ($487m) engineering, procurement and construction (EPC) contract from the state Government of Gujarat in India to build the proposed the Statue of Unity.

The Statue of Unity will be a 182m (597ft) bronze statue of India’s first home minister Sardar Vallabhbhai Patel.

The statue will be built on the Sadhu-Bet Island, about 3.5km south of Sardar Sarovar Dam at Kevadia in the Narmada district of Gujarat.

Under the deal, L&T will be responsible for the design, engineering and construction of the statue, as well as an exhibition centre at its base, a memorial garden, a designer bridge connecting Sadhu Island with the mainland along the Narmada River.

Zaha Hadid Architects reveals designs of Sleuk Rith in Cambodia

Sleuk Rith

Zaha Hadid Architects revealed designs of the Sleuk Rith Institute, which will be built in Cambodia’s capital city of Phnom Penh.

The institute will house a museum, research centre, graduate school, document archives and research library.

Planned to be built in the grounds of the Boeung Trabek High School in Phnom Penh, south of the city centre, the new institution and genocide memorial will house the Documentation Centre of Cambodia’s one million documents in its archives as well as the largest collection of genocide-related material in South East Asia.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Monday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy