(MENAFN) The Jeddah-based financial specialist real estate firm, Capitas Group International (CGI), signed an agreement with Jeddah Development and Urban Regeneration Company (JDURC) to develop the initial segment of Al Dhahyah Residential Project in Salman Bay, Saudi Gazette reported.
Located near Salman Bay and Durrat Al Arous Resort, the Residential Project is set to feature 1200 buildings in total which will include educational facilities, mosques, health centers, police stations, commercial centers and infrastructure services.
This second initial phase includes of 110 apartment buildings targeting the middle-income market segment. The project sponsor, JDURC, and CGI's team are set to cooperate and formulate the project development strategy.
"CGI's involvement is significant value-add to JUDRC and the project. Their ability to combine technical real estate expertise with a deep understanding of the financial and commercial issues involved in real estate," the Chief Executive Officer of JDURC said.