Al Akaria gears up for 567-unit Saudi villa project handover

94% of construction work has been completed

  
An Asian labourer works at the construction site of a building in Riyadh, Saudi Arabia August 2, 2016. Image used for illustrative purpose.

An Asian labourer works at the construction site of a building in Riyadh, Saudi Arabia August 2, 2016. Image used for illustrative purpose.

REUTERS/Faisal Al Nasser

Saudi Real Estate Company (Al Akaria) has announced that 94 per cent of construction work has been completed on its Al Dahya development, a key residential project featuring 567 villas and other other key amenities including schools complex for girls and boys and mosques within Al Rimal district located in the east of capital Riyadh.

Announcing steady progress on the project, Al Akaria said with work in full swing on the 430,296-sq-m project, it is due for handover by the end of this month.

Contracts to sell around 54% of the residential units have already been signed, said the comoany in its filing to the Saudi bourse Tadawul.

While the delivery procedures of the residential units has already begun for the Phase One, the sale of the project's Phase Two has been launched recently, it stated.

The contracting work is being handled by its key subsidiary Saudi Real Estate Construction Company (Tamear).

Al Akaria had last year announced the signing of a partnership agreement with the National Housing Company to help facilitate the Saudi Minsitry of Housing's beneficiaries of the ownership in Al Dahia residential project.-TradeArabia News Service

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