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The Tadawul-listed Saudi Real Estate Company (ALAKARIA) has five projects in various stages of design and planning according to its board of directors report for 2021. Details of the projects are as follows:
1. L’avenir Complex Project, Riyadh
The project, located in Al Aqiq district in Riyadh, will span a land area of 25,500 square metres (sqm), and comprises a 4-star hotel with approximately 300 hotel rooms and 300 hotel apartments based on initial design. Work on detailed design is underway post-approval from the Ministry of Municipal and Rural Affairs and Housing. Talks are currently underway with international hotel operators and management companies to finalise the operator of the 4-star hotel.
2. The Gateway Complex, Jeddah
The mixed-use project in Jeddah, opposite the Red Sea Commercial Complex, would be developed over an area of 49,800 square metres. The concept design contract was completed by Chapman Taylor Company and submitted to Jeddah Municipality. Currently, work is underway on the detailed designs of the project.
3. Tilal Al Riyadh Compound, Riyadh
The commercial complex project, located in Al Malqa district, Riyadh, would be developed over a land area of 21,561 square metres. The development team is currently finalising the design idea with Benoy and obtaining the necessary initial approvals to commence construction and building works.
4. Al Yamamah Compound in Diplomatic Quarter, Riyadh
The project would be developed on land area of 39,000 square metres owned by the Royal Commission for Riyadh within the Saudi capital’s Diplomatic Quarter. The company is currently working with the Commission to complete the final design of the project, which will contain residential villas and apartments, in addition to a commercial area.
5. Business Complex Project, Riyadh
The mixed-use project, spread over an area of 40,000 square metres, is located in Riyadh. The management has completed market and economic feasibility studies and has started design work on the complex, which will include offices, shops, restaurants and public services.
(Compiled by Senthil Palanisamy; Writing by D Madhura; Editing by Anoop Menon)
