Creating a Prime Residential Market on Saudi Arabia's West Coast
By Giles Hannah, Residential Executive Director at The Red Sea Development Company (TRSDC)
One of the key components The Red Sea Development Company is focused on, leading the way in the region. is creating sustainable and stunning new residences at our projects including on islands within The Red Sea Project. It is an exciting challenge with creating a brand-new luxury residential market within this incredible new destination on Saudi Arabia’s west coast.
Along with the luxury hotels and resorts we are developing, a selected number of extraordinary homes that are being delivered alongside them. Known as ‘branded residences', they are developed in consultation with hotel brand guidelines and then managed by the brand, providing exceptional services and the ultimate lifestyle. A buyer has all the benefits of a private residence whilst enjoying the same hotel services and five-star amenities as a guest. In addition, the owner can call upon the hotel team for bespoke services such as catering for a dinner party or home spa treatments. Should this not be an owner’s primary residence, they can place the residence into the hotel rental program creating an income on their asset.
Branded residences are in high demand in Saudi Arabia as the brand and operator provides certainty to a buyer that the brand will maintain the property to their high luxury brand standards. These brands are supporting the creation of a new prime property market, with limited supply and high demand from local, regional and international buyers.
With the hotels that TRSDC are delivering being some of the most sought-after brands in the world, as you can imagine, their residential component is nothing short of spectacular. Known as 'prime' or 'super prime' residential, the people who buy these homes often have a property portfolio worldwide.
Familiar with established prime coastal markets such as in the South of France or the Caribbean, for the first time, buyers will soon have the exceptional opportunity to buy into The Red Sea Project and to own one of the world’s finest homes and effectively a piece of the Saudi Vision 2030.
We are currently in the process of hiring and training a new team to become the next generation of property experts at The Red Sea Development Company and in the Kingdom. The team is integral to our success and I take pride in the fact that 70 percent are Saudi nationals. Our vision at TRSDC is to train and empower the next generation of prime real estate professionals, all the while ensuring that we create a great environment at work so that they never want to leave us!
The Red Sea Project and AMAALA present the fantastic opportunity of building homes that reflect the exact needs of our qualified buyers. This is reflected by the fact that we already have an early interest list despite having not yet launched. To ensure we create a new market that is sustainable and successful, it is integral that we understand our customer's needs. We have carried out extensive local and international market research, in line with the global best practice I have experienced and led in other markets.
One of the first activities we delivered was to conduct focus groups to understand what people are looking for when purchasing a second home. Security, a sound investment, and enjoying a luxury lifestyle are always some of the responses we expect, and in Saudi it was no different. Additionally, in the Kingdom today, buyers are looking for a more contemporary style of living; homes with lateral spaces, high ceilings, generous outside space and plenty of natural light are in great demand. Also, recent trends emerging following the pandemic, include the need for space to work from home, rooms for entertaining in style, and home gyms, as health and wellness are currently high on peoples' agendas. These needs are now all factored into our designs.
What makes us different as a business lies in our approach to residential sales - we prioritize the provision of excellent service with complete discretion. What is clear, though, is whoever buys a residence in The Red Sea Project will own one of the most exceptional residences in the region and will be part of an entirely new luxury property market being created in an iconic new destination. It is something they will enjoy and pass onto the future generations lucky enough to call this location their home.
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