In a remarkable display of strong demand for luxury real estate, Red Sea Global has successfully sold 50% of its Nammos-branded apartments just two weeks after their launch. This rapid sell-through not only highlights the appeal of AMAALA, a premier destination along Saudi Arabia‘s stunning Red Sea coastline, but also underscores the growing interest in high-end properties within the region.
Stephen Cheeseborough, the head of development at Red Sea Global, shared the impressive sales figures during an exclusive interview with Arabian Business. “We’ve sold 50 percent of the inventory in two weeks. It’s amazing to see how the market has responded to that,” he remarked, underscoring the project’s success right from the start.
AMAALA Luxury Homes Sell Fast
The rapid pace of sales aligns with the introduction of three distinct offerings at the AMAALA development: Nammos apartments showcasing dual ocean and marina views, 13 Clinique La Prairie residences designed by renowned architect John Heah, and 26 Rosewood villas, including a standout property situated on its own headland.
According to Cheeseborough, the Rosewood collection has already celebrated its first sale, purchased by a wealthy family with previous investments in the Red Sea project. “We have actually just completed the first sale, so within two weeks, it’s a high-value transaction, and it’s someone who’s bought a property in the Red Sea project,” he noted, emphasizing the interconnected success of both initiatives.
The Clinique La Prairie residences mark a groundbreaking moment for the Swiss medical wellness brand, as it represents its inaugural foray into global branded residences. These properties are designed around wellness programming and offer access to an extensive medical wellness facility at the resort.
“To bring a brand like Clinique La Prairie to Saudi Arabia speaks volumes about what we’re about as a destination and how they see our destination and the potential of the Saudi GCC market,” Cheeseborough added, further illustrating the allure of the AMAALA offering.
Pricing for the residential properties at AMAALA varies widely, starting at approximately SAR 4.5 million for the apartments and soaring to SAR 400 million for the most exclusive villas. The development strategically targets high-net-worth and ultra-high-net-worth buyers, aiming to provide “legacy assets” that cater to multi-generational families.
Red Sea Global’s Luxury Surge
Beyond the branded residences, Red Sea Global has introduced Andar residences, a separate unbranded community that revolves around a golf course. This initiative will benefit from the company’s experience in managing its initial properties at the Red Sea project.
“Because of the success we’ve had in running our first two hotels at Red Sea Global, we’re now operating our unbranded residential communities, and we’re able to deliver experience assets alongside other branded residences to create a true residential community for both international and domestic buyers,” Cheeseborough explained.
Buyers are not only drawn to the luxurious offerings but also to the stunning natural beauty of the destination. Cheeseborough noted that the track record of Red Sea Global, characterized by price increases as properties sold out, has attracted discerning clients. “They have the first mover advantage to come in early and are buying our pricing in the Red Sea. We’ve increased prices in intervals as we’ve started to sell out more. We’ll do exactly the same in AMAALA,” he concluded, solidifying the company’s vision for sustained success in this burgeoning luxury market.