Crystal Lagoons unveils $4bn mixed-use project in Jeddah, Saudi Arabia

4 September 2014 (Last Updated September 4th, 2014 18:30)

Crystal Lagoons has unveiled the 240ha mixed-use project in the Red Sea coastal city of Jeddah, Saudi Arabia.

Crystal Lagoons has unveiled the 240ha mixed-use project in the Red Sea coastal city of Jeddah, Saudi Arabia.

The multi-phased project, which is the second in Saudi Arabia for Crystal Lagoons, is under development by the Prince Sultan Cultural Centre (PSCC).

Spread over an area of 240ha, the project will include a medical city, retail and cultural centre, an international university, two schools, three hotels with 750 rooms, and 3,600 residential units comprising apartments, villas and condominiums.

In addition, it will have leisure facilities including the Jack Nicklaus nine-hole golf course, business park, medical park that will include hospitals, clinics and support services.

"This particular project demonstrates the fluid adaptability of our concept and technology to even the most demanding environment."

Crystal Lagoons CEO Kevin P Morgan said: "This will be the largest man-made crystalline lagoon of its kind in the kingdom and represents yet another milestone in Crystal Lagoons' efforts to expand its Middle East presence.

"The project also holds special significance for the country as it is being built to honour the memory of the late Crown Prince Sultan bin Abdulaziz Al Saud and our partnership with PSCC gives us a unique opportunity to contribute our expertise towards a world-class project at the heart of a new a cultural icon for the region."

The first phase of the project has already broken ground and is scheduled for completion in 2015.

Morgan said: "The potential of Saudi Arabia's real estate sector makes it one of the most exciting markets in the region right now, and arguably one of the most important.

"This particular project demonstrates the fluid adaptability of our concept and technology to even the most demanding environment.

"With a number of live and pipeline projects across the Middle East, from Egypt to our most recent signings in Oman and the UAE, we are seeing tremendous interest from developers around the region who are keen to differentiate their projects and offer a new dimension to the consumer leisure experience."