Assaudia Real Estate, a wholly owned subsidiary of the Omar K. Al-Esayi Group (OKAG), this weekend announced the launch of the 22-storey Al-Esayi Tower in Al-Balad, Jeddah’s historic downtown district. The office tower represents the first opportunity to buy commercial space on a freehold basis in the traditional business area.
With an estimated price tag of SR 100 million, the Al-Esayi Tower will offer a top-of-the-line business environment, quality construction and superior infrastructure offerings. The 22-storey tower will include 17 business floors for offices, two world-class showroom floors and three parking levels. It will also feature easy access to major road networks, and views of the Red Sea and the surrounding historical district.
Matasem Hajaj, General Manager of Assaudia Real Estate Development Company, said: “The Al-Esayi Tower has been carefully planned and designed to provide a premium business experience, unique architecture and a first-of-its-kind opportunity in the middle of Jeddah’s historic district. Assaudia sought to achieve a complete, high-quality commercial environment that would be the right architectural fit for our society and this district.”
“Al-Esayi Tower will be the perfect environment for those who search for uniqueness and perfection in their daily business operations,” he added. “In terms of space, services and technology, it will be the icon of perfection for the business community in the heart of Jeddah.”
The tower, Mr. Hajaj explained, is aimed at three types of investors: businessmen and women based in Al-Balad who seek to own a modern, fully equipped office close to their current location, firms who plan to expand their business network, and businesses specialized in banking and investment.
The tower will be built in a manner that facilitates the free flow of traffic in the area, and its basement-level parking maximized to reduce the strain on the surrounding community. Each parking level will span 1,280 sq. m.
“The unique and modern Al-Esayi Tower project is part of Assaudia’s commitment to the sustainable regeneration of the Al-Balad historical area,” Mr. Hajaj added. “Sustainable development is a core priority for the Assaudia Real Estate Development Company. We are committed to meeting the needs of the society by ensuring a suitable environment to operate business activities, and are working with Jeddah Municipality to ensure the sustainable future of the Al-Balad district.”
The company, he added, continues to further its mission of sustainable development in Jeddah’s real estate market and in Saudi Arabia as a whole. The Al-Esayi Group’s history includes several projects that have made real estate affordable for the country’s middle-income residents.
About ASSAUDIA Real Estate Development Company:
A wholly owned subsidiary of the Omar K. Al Esayi Group (OKAG) and member of Al Esayi Real Estate division, ASSAUDIA Real Estate Development was established in 1994 to offer real estate asset development services to property owners, investors and developers and provides a range of specialist consultancy services in real estate and business development in the following areas:
– Investment strategies
– Portfolio management
– Development services
– Marketing and leasing services
Long before its establishment, Assaudia was a department within Aqarat Company, another member of Al Esayi’s Real Estate Division, providing specialized development services to the Group as well as to third parties.
Since its establishment, Assaudia has executed the following projects in Jeddah:
• Buyut Al Manar (housing development -90 villas);
• Eastern Homes –Buyut Asharq (housing development -232 villas);
• Waziriah Buildings (housing development -40 Appartment units);
• South Corniche (2,650,000 square meters land development project);
• Al Buhairat (a SR 11m evaluation project commissioned by NCB)
