Saudi Real Estate Market Continues to be Buoyant
Dr. Bader al Saedan, CEO of Al Saedan Real Estate, states, “This is the current state of the market. The sector continues to be very vibrant and growing.” Al Saedan, being an international company with projects in Saudi Arabia, Tunisia, and the UK, sees the changes in the market quite satisfying. Dr. Bader continues, “Residential area and land prices are steady.”
Saudi Arabia has seen an increase in the real estate market over the last couple years, majorly due to the increased demand caused by government initiatives to boost the real estate sector. MCI Real Estate Shareholding Commission recently ended the public auction for selling the Dorat Al Khobar project.
The Ministry of Commerce and Industry sold the Dorat Project, located in Al-Khobar city, for 659 million Saudi Riyals (roughly 176 million USD). The project stretches a whopping 1.5 million meters. The project incorporates many things, including 521 plots of land ranging from 400 to 2,000 squared meters, investment areas, trade areas, and a hotel facing the beach. Furthermore, the whole project overlooks a sea bordered by the most beautiful of coasts.
Romaih Holding Company held the auction under the supervision of the Real Estate Shareholding Commission, with the presence of the Commission’s members. The Commission Secretary General, Mr Hamza Al Asskar, opened the auction, while H.E. Sheikh Khalid bin Ali Al-Dawood, Undersecretary of the Ministry of Justice and Chairman of the auction sale committee, announced the start of the auction.
“This is the current state of the market. The sector continues to be very vibrant and growing.”
Al Saedan Real Estate, one of the leading real estate companies in Saudi Arabia, considers this a display of what the current real estate market is like in the Kingdom. Dr. Bader al Saedan, CEO of Al Saedan Real Estate, states, “This is the current state of the market. The sector continues to be very vibrant and growing.” Al Saedan, being an international company with projects in Saudi Arabia, Tunisia, and the UK, sees the changes in the market quite satisfying. Dr. Bader continues, “Residential area and land prices are steady.”
Al Saedan Real Estate is currently developing projects worth billions of dollars.
Elegance Tower, a multi-purpose tower, is one of the most spectacular real estate projects in the Kingdom. The tower’s strategic location right next to the emerging King Abdullah Financial District — a multi-billion dollar future financial hub for the region — makes Elegance Tower a key project for Al Saedan Real Estate. The contractor for the tower is Saudi Lebanese Tarouk and was designed by Al-Wasat SCOTIC. Elegance tower has 27 stories, 5 stories for parking amounting to 677 parking spaces, designed to offer the best commercial office space in Riyadh. Its height of 130 meters allows unprecedented panaromatic views in addition to panoramic elevators. The tower boasts a health club and swimming pool overlooking the height of 50 meters. The top of the tower is dedicated to 2 restaurants and a beautiful external garden. The total building area is 24,000 square meters and the total land area is 5695 meters.
Alnafii Residential Compound includes 41 luxury villas on 40,000 square meters of land. The compound has a swimming pool, kids play area, gym, restaurant, and tennis court located on the premises.
Rehab Residential Compound is another project Al Saedan is working on and will be completed in 2017. It consists of 246 units, including 3-bedroom villas and 1-3 bedroom apartments, on 40,000 square meters. Like Alnafii, it too includes a swimming pool, tennis court, gym, restaurant, and kids play area.
Tawoon Residential Compound is yet another residential project Al Saedan will be completing by 2017. It consists of 123 units over 12,900 square meters. Furthermore, it includes the same amenities as the previous compounds.
The Marriott Court Yard Hotel is quite a large project Al Saedan is wrapping up, and will be completed in 2016. It is located north of Riyadh, and consists of 200 rooms over seven floors. The hotel would not be complete, of course, without swimming pools, restaurants, a sauna, steam room, kids play area, and business center.
The end of 2015 will mark the completion of three warehouses. These large warehouses, with a 71,9000 square meter built-up area, includes 42 storage area-closed hangars. It is located in Jeddah and can expect to be delivered the last quarter.