Best Land Use Study for Re-development of Downtown Jeddah
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Re-development of Downtown Jeddah is one of the most ambitious projects in the Kingdom of Saudi Arabia. The development is a vision to rejuvenate the city of Jeddah and bring it to the threshold of societal and economic evolution.
Located at the heart of Jeddah’s city centre, the development is planned as a prominent business hub that would generate economic growth and bring a brand new dynamic urban lifestyle to the city centre. It is part of a broader strategy to re-develop unplanned settlements in central parts of Jeddah and generate inward investment, employment, tourism attractions and new infrastructure that would support the growth of the city.
The client’s requirement was to measure and assess the market opportunity and financial feasibility of regenerating the site’s area which includes redeveloping the historic centre of Jeddah, providing public amenities and proper infrastructure for what would become the new downtown in Jeddah.
The grmc solution
grmc was engaged by the client to conducted a best land use assessment study and provide advisory services for the re-development of circa 4 million Sq. Mt. of land in downtown Jeddah.
Our work included extensive research activity in the local market to quantify the supply of existing real estate as well as assessing the relevant demand and determining performance indicators in order to validate the planned development.
grmc prescribed recommendations for the development through a comprehensive research study. Our work assisted the client in gaining detailed understanding of the current and future real estate environment in Jeddah. We provided an assessment of the residential, office, retail and hospitality sectors and conducted a site location assessment to investigate the site’s surrounding locale.
Our work entailed providing a review of the competitive offer in the market and an analysis of the socio economic environment to generate a market outlook. Findings were used to prepare development recommendations and a financial feasibility assessment for the project. We also provided input to the master plan and space allocation envisioned for the development.
Our study was used by the client to brief the government, key stakeholders and potential investors regarding the benefits and investment opportunity that would be generated as a result of the development.