Alandalus Property launches operations at Village Project

Alandalus Property Co. building

Alandalus Property Co. said that The Village Project, formerly Al Jawhara Al Kubra, is 100% complete, according to a statement to Tadawul.

As per the latest report received from the developer partner, the mall has been opened and started receiving visitors, the statement added.

The company also explained that the delay in the project was due to awaiting final approvals for the actual operation of the mall.

The delay will not result in any additional cost, nor will it have any financial impact on the company, the developer noted.

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.

In September 2022, the company expected the project to be completed during the Q4 2022, and to be operational during Q1 2023.

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).