JEDDAH: Wednesday’s launch of the dolphin-shaped Coral Bloom luxury island project is just one part of the rapid development taking place along Saudi Arabia’s Red Sea coast, with the main developer behind the project close to finalizing $3.7 billion in investment from local banks, and off-plan sales set to begin in the second quarter of this year.
In an exclusive interview with Arab News, John Pagano, CEO of The Red Sea Development Co. (TRSDC), confirmed that off-plan sales of real estate units will begin in the second quarter, but will be at a limited capacity of around 300-400 units.
The majority of the units sold in the first phase will be placed in the rental pool for guests, he said.
TRSDC is wholly owned by Saudi…