Alandalus Property shopping centers occupancy rate hits 96% in 2022

Alandalus Property headquarters

Alandalus Property Co. said that the average occupancy rate of its shopping centers reached 96% during 2022, with 19 million visitors, the developer said in an earnings review with analysts and investors.

Jeddah’s Alandalus Mall Hotel occupancy rate was 52%, while revenue per available room amounted to SAR 183.

The company expects that The Village Mall in Jeddah will open in the first quarter of 2023, at a total cost of SAR 873 million.

The West Jeddah Hospital is expected to open in Q4 2023, at a total expected cost of SAR 1.6 billion, including the value of the land.

It pointed out that the board of directors is still studying the best investment option for the land plot in Al-Sawari district in Jeddah and the land plot in Jarfan district in Makkah.

The company's profit fell 2% to SAR 66.8 million in 2022, compared to SAR 68 million a year earlier. Q4 profit stood at SAR 13.5 million, according to Argaam's data.