One&Only Private Homes are the brand's owned-residence format, and this is the first such community in Saudi Arabia. That first-in-market position is the substantive fact here, and it is worth separating from the marketing around it: what it means practically is that there is no comparable One&Only residential product in the Kingdom to price against, and no local resale history for the format.
The setting is a Public Investment Fund project. Jeddah Central is rebuilding 5.7 million square metres of the central Jeddah shoreline: 9.5 kilometres of reclaimed waterfront, 2.1 kilometres of beach, a yacht marina, and a stated investment of around USD 20 billion. Phase one is about 45% of the whole, targeted for the end of 2027, with roughly 17,000 homes and about 2,700 hotel rooms. A 45,000-seat FIFA-specification stadium, an opera house with three auditoriums, an oceanarium and a Heatherwick Studio museum are under construction alongside.
Three parties, three roles. The Jeddah Central Development Company is the PIF-owned master developer. Midad is the developer on this scheme and the party your sale agreement would name. Kerzner International is the operator and brand owner: it runs the resort and licenses One&Only, and it does not build the asset or carry the construction obligation.
If you are choosing between this and Atlantis Jeddah, the distinction is density and register. Atlantis is scale and entertainment, with the waterpark, the aquarium and more than 20 food and nightlife venues. One&Only is quieter and lower density, built around a residential enclave with seven restaurants and a wellness centre. Same waterfront, same joint venture, different proposition.