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11 January, 2015

First phase of Ritaj residential project in Riyadh ready for occupancy this month

Riyadh, Saudi Arabia-11 January 2015 - The Ritaj Residential Project in Riyadh being developed jointly by Blomivest Saudi Arabia and Maskan Arabia Real Estate Development Company is more than 95% complete. Its first phase is set for completion and delivery to owners by the end of January this year.

First phase of Ritaj residential project in Riyadh ready for occupancy this month
Riyadh, Saudi Arabia-11 January 2015 - The  Ritaj Residential Project in Riyadh being developed jointly by Blomivest Saudi Arabia and Maskan Arabia Real Estate Development Company is more than 95% complete. Its first phase is set for completion and delivery to owners by the end of January this year.

The project, comprising 292 residential units, is sprawled over an area of 1,142,322 square feet situated in Al-Yasmeen district, Northern Riyadh.

The construction works of the project are progressing in full swing. Moreover, by the end of this January, the first phase will be totally accomplished and all villas would already be delivered.

Eng. Abdullah Al-Rashoud, CEO of Blominvest Saudi Arabia, said "all project development works are progressing in compliance with the set plan and time schedule."  He noted that "more than 95 percent of the project has been accomplished till the present."

The companies have recently launched the sale of a limited number of turnkey residential units in the first phase of the residential villas project.

Eng. Abdullah Al-Rashoud further said the units ready for sale are part of the project's first phase which comprises 92 prestigious villas of modern architectural design. "The units come in diverse elegant themes and in various range of sizes and areas to perfectly suit different segments of the Saudi society," he noted.

Moreover, the CEO of Blominvest Saudi Arabia emphasized that the strategy adopted in developing the project is based on the construction of 30 models designed to convey the Islamic themes and is distributed over three phases. He explained that the first focuses on the establishment of 92 residential units, while the 100 units would be implemented throughout the second and third phases which are set for delivery by end of the first quarter of 2015.

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Further elaborating on the project, Eng. Hossam Al-Rashoudi, CEO of Maskan Arabia, said: "We've already entered into the advanced stages of accomplishing the project's first phase. Recently we've started to market the ready residential units as condominiums to the end users where payment will either be in cash or through the financing houses and local banks."

He underscored that Ritaj project, which is developed by Maskan Arabia Company, complies to the highest international quality standards where only the best materials are used in the construction and finishing works.

"In a step that solidifies their commitment to the provision of high quality residential units, both Blominvest Saudi Arabia and Maskan Arabia have implemented the project according to the highest quality construction requirements in all aspects. This, on one hand, includes the external finishes and construction works as well as the water and insulation works, and on the other hand, the internal finishes as well as doors, windows, electricity and plumbing works," the CEO of Maskan Arabia pointed out.

Besides, he stressed that "the owners of Ritaj villas will be granted an up to 10-year guarantee on the constructional works and two-year guarantee on the insulation, plumbing and electricity works."

For more information, please contact:
Danish Al Taji
MPR PR 
T: +96614554033, Ext. 231
Email: danish@mpr.com.sa
M: +966 55 526 2802

Shaik Waheed
MPR PR 
T: +96614554033, Ext. 224
Email: shaik@mpr.com.sa
M: +966 50 882 6438

© Press Release 2015