Alandalus Property reveals projects’ latest updates

Alandalus Property Co. said in a statement to Tadawul that it has completed first floor of the expansion at Alandalus Mall in Jeddah, while work at ground floor is almost complete.

The expansion adds 6,000 m² to the south part of the mall with additional rental area of 4000 m² at a cost of SAR 24 million.

The newly listed company expects an increase in revenue of SAR 7 million per year after operations are launched at the new expansions, gradually starting from second quarter this year.

In regards to its jointly owned hospital with Sulaiman Al Habib Medical Services Group, Alandalus said it is sorting out land details for the Jeddah-based project, which is still in the design phase. The project does not have any material financial impact at this stage.

The company also said that it has completed the designs of its 70-30 percent joint project with Manafea Holding Co. and is working on obtaining necessary licenses from regulatory bodies. The project’s land is rented from Manafea Holding for 25 years and there is no expected financial impact at this stage.

Panorama Jeddah Project is also still in the design phase, as the company is currently appointing consultants to complete the second stage of designs according to schedule. The project has no material financial impact on the company’s results at the moment as it is still in the design stage, Alandalus said.