New Massive Lagoon Planned For $4bn Megaproject In Saudi

Crystal Lagoons, the developer of giant crystalline lagoons, announced that it has won a deal to build a lagoon at a $4 billion mega project in Saudi Arabia.

The lagoon will be situated at the centre of a 240-hectare mixed project being developed by the Prince Sultan Cultural Centre, in the north of Jeddah, the company said in a statement.

The project will include a medical city, a cultural centre, educational facilities, luxury hotels, residential villas and apartments supported by leisure facilities like the country’s first-ever Jack Nicklaus 9 hole golf course.

“This will be the largest manmade crystalline lagoon of its kind in the Kingdom and represents yet another milestone in Crystal Lagoons’ efforts to expand its Middle East presence,” said Kevin P. Morgan, CEO, Crystal Lagoons.

The project has already broken ground and is scheduled to be up-and-running within the next three to five years, the company said. The first phase is scheduled to be completed by 2015.

The development will include a total of 3,600 residential units comprising a mix of apartments, villas and condominiums in addition to 750 rooms spread across three hotels.

It will also consist of a business park, an international university, two schools, extensive retail and a cultural centre.

“The potential of Saudi Arabia’s real estate sector makes it one of the most exciting markets in the region right now, and arguably one of the most important,” said Morgan.

Crystal Lagoons’s global portfolio of 250 projects, located in 50 countries, includes five Middle East-based developments. The company has completed two lagoons in the Egyptian resort of Sharm El Sheikh and a project in Jordan, while two other projects are currently under development in Oman and the UAE.

Recently, the company announced that it will develop the world’s largest man-made lagoon in Dubai, which will be four times bigger that the current largest lagoon.

The lagoon will be constructed in Mohammed bin Rashid City’s District One residential community, a joint venture between the Dubai-based Meydan Group and real estate developer Sobha.

“With a number of live and pipeline projects across the Middle East, from Egypt to our most recent signings in Oman and the UAE, we are seeing tremendous interest from developers around the region who are keen to differentiate their projects and offer a new dimension to the consumer leisure experience,” Morgan said.