EXCLUSIVE: AMAALA sells 50% of Nammos-branded apartments in two-weeks of launch – Red Sea Global executive

Red Sea Global has achieved a 50 per cent sell-through of Nammos-branded apartments at its AMAALA destination within two weeks of its launch, signaling strong demand for ultra-luxury properties in Saudi Arabia’s Red Sea destination.

Stephen Cheeseborough, head of development at Red Sea Global revealed the sales figures in an exclusive interview with Arabian Business, “We’ve sold 50 per cent of the inventory in two weeks. So it’s amazing to see how the market has responded to that,” he said.

AMAALA luxury homes sell fast

The rapid sales come as Red Sea Global released three distinct branded residence offerings – Nammos apartments with dual ocean and marina views, 13 Clinique La Prairie residences designed by John Heah and 26 Rosewood villas, including an iconic property on its own headland.

Cheeseborough said the Rosewood collection has already secured its first buyer, a high-net-worth family that previously purchased property at Red Sea Global’s 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 Red Sea project,” he said. “That really is now proving why both Red Sea project and AMAALA, alongside each other are going to be such a success.”

The Clinique La Prairie residences represent a significant milestone for the 110-year-old Swiss medical wellness brand marking the first time it has offered branded residences globally. The properties incorporate wellness programming and connect to a comprehensive medical wellness facility at the resort.

“To bring a brand like Clinique La Prairie to Saudi Arabia speaks volumes to what we’re about as a destination, and how they see our destination and the potential of the Saudi GCC market,” Cheeseborough said.

Residential pricing at AMAALA ranges from approximately SAR4.5 million for apartments to SAR400 million for the most exclusive villas. The development targets high-net-worth and ultra-high-net-worth buyers seeking what Cheeseborough described as “legacy assets” for multi-generational families.

Red Sea Global’s luxury surge

In addition to branded residences, Red Sea Global has Andar residences, an unbranded residential community around a golf course that the company will operate directly leveraging experience gained from running its first properties at the Red Sea project.

“Because of the success we’ve had in running our first two hotels of Red Sea global, we’re now running our unbranded residential communities and we’re able to deliver against experience assets alongside other branded residencies to create a true residential second home, third home community for both international and domestic and regional buyers,” he explained.

Cheeseborough noted that buyers are attracted both by the destination’s natural beauty and Red Sea Global’s demonstrated track record with pricing at the Red Sea project having increased in intervals as properties sold out.

“They have first mover advantage to come in early and are buying our pricing in Red Sea. We’ve increased them in intervals as we’ve started to sell out more. We’ll do exactly the same in AMAALA,” he concluded.