Al-Khuzama and Alnama Smart City projects will be developed in Medina and Riyadh
Two residential real estate projects have been launched in the Saudi cities of Medina and Riyadh.
In Medina, the local Batic Real Estate – a subsidiary of the listed Batic Investments & Logistics Company – has signed an agreement with Al-Mqr Development Company, the Medina Municipality’s investment arm, for the Al-Khuzama project.
The residential community will be developed on a 229,000-square-metre plot near the Prophet’s Mosque. Work on the project is due to be completed in 2024.
Dubai-based design company URB has also announced details of the 10-square-kilometre Alnama Smart City project it is working on in Riyadh.
DATA: Saudi Arabia real estate
The community will accommodate 44,000 residents across 11,000 townhouses and apartments, and feature amenities including commercial and retail hubs, a five-star eco resort, a sports complex and biodomes.
Around 37 kilometres (km) of running and cycling tracks, 7.5km of equestrian tracks and an autism village and rehabilitation centre will also be developed.
The project is targeting 100 per cent renewable energy consumption, and aims to be a car-free city.
Real estate pipeline
News of the projects comes as real estate activity ramps up in Saudi Arabia amid government and government-related entity-led (GRE) efforts to achieve Vision 2030’s goals.
Investments in the residential real estate sector are being led by the Public Investment Fund-backed Roshn, which is developing the masterplanned communities Al-Arous in Jeddah and Sedra in Riyadh.
Among the major residential real estate contracts being executed in the kingdom under private sector and GRE clients is The Red Sea Development Company’s Coastal Village professional accommodation scheme in Tabuk, which is due to be completed in 2024.
Work is also under way on the local Al-Ameen Real Estate’s Jeddah al-Baghdadiya compound in the Mecca province. The project is due to be completed in 2023, according to regional projects tracker MEED Projects.
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