CHALLENGE

  • The Municipality of the City of Jeddah, Kingdom of Saudi Arabia has embarked on a substantial programme of revitalising and further developing Jeddah and its surrounding areas.
  • The Jeddah Development and Urban Regeneration Company (JDURC), a wholly owned special purpose entity of the Municipality, is charged with co-ordinating the development of an area 25km to the east of Jeddah known as Wadi Al Asla. The JDURC has developed ambitious plans to create a leisure and tourism led mixed-use destination for the people of Saudi Arabia.
  • The site is made up of 5 semi-contiguous land parcels of primarily undeveloped land in mountainous terrain surrounding the ‘musk lake‘. The aspiration for the site is to deliver a financially, technically and environmentally sustainable development of Wadi Al Asla to form an authentic, attractive and high quality recreation and leisure destination for the people of Jeddah and Saudi Arabia.
  • Encompassing a massive 120 sq m, of land, the development, known as Wadi Al Asla, could be described as Saudi's answer to Orlando Florida! 

STRATEGY

  • The Destination Consulting team of Colliers International UK, together with Colliers International Saudi Arabia, were appointed to prepare a market and financial feasibility study and full financial development appraisals for Saudi's largest new leisure led development.
  • An early concept masterplan and integrated development plan has been created and proposals include:
    • Parks
    • Golf Courses
    • Safari Parks
    • Theme Parks
    • Tech Park
    • Educational developments
    • Health Care offers
    • Med & low density housing
    • Resorts
    • Commercial outlets
    • Community Centres and infrastructure facilities.

SOLUTION

  • Destination Consulting and Colliers advised on the best product mix for the final masterplan and prepare detailed market and financial forecasts for the entire development as well as block by block investment packages.