Riyadh – Mubasher: Al Andaulus Property Co. on Wednesday said it completed all first floor works in its wholly-owned Al Andalus Mall expansion project in Jeddah.
We have delivered all shops on the floor, Al Andalus said in a bourse filing, adding that it is close to concluding expansion works for the ground floor.
We are close to beginning operations in the expanded areas of the mall, and it is expected that the financial impact will be gradually seen during Q2-16 and until Q4 after leasing and delivery are completed, the Saudi-listed firm highlighted.
Revenues from the expansion are expected to near SAR 7 million per annum, Al Andalus noted, adding that the overall cost of the expansion after it is fully completed will reach SAR 24 million as estimated.
The expansion will include 6,000 square metres in the southern side of Al Andalus Mall with total leasing area of 4,000 sq.m., including 22 small units and 5 larger ones.
