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Al Alyaa Residential Project
Overview
Establishing and developing a mixed-use project overlooking Safwan Street, Madinah, on a land area of 269,000 square meters and a total built-up area of 400,000 square meters. The project includes two-to-six-stoery residential buildings, as well as offices, hospitality, retail and educational facilities. It also comprises a hotel that features 120 hotel units, in addition to 1,500 condominiums (apartments and town house). The project also includes landscapes and pathways over an area of 72,000 square meters, other commercial services and picnic areas.
Project Information
- Real Estate > Landlords and developers > Other Properties
- The company announced that it plans to develop only 10% of the residential buildings. Remaining buildings will be developed by other developers as per the masterplan. Infrastructure works are projected to start in Q2 2021.
- In Q2 2021, the company signed a SAR 34.9 million contract with Mussad Al-Mutairi & Partner Co. to execute the infrastructure works.
- The company announced that infrastructure works of the scheme are expected to be completed in Q3 2022.
- In Q3 2022, the company announced that completing all works and handing over the site of project will be at the end of December 2022, and the project's original cost is expected to be reduced to SAR 31.80 million from SAR 34.86 million.
- In Q4 2022, the Company announced that the project is 82% complete and it expects the remaining works on the project to be finalized and the site to be handed over in Q2 2023.
- On June 18, 2023, the company announced the signing of a contract with EL-Khereiji Company for Commerce and Contracting Ltd. for the implementation of the concrete structure of the residential buildings which includes building 264 apartments, as part of the first phase of the project.
- On October 18, 2023, the company announced that it signed a contractor agreement with China Gezhouba Group International Engineering Co., including the implementation of construction works as a general contractor, and providing the necessary supplies of materials and finishes for the buildings, at a value of SAR 1.5 billion.
Owners
Related Parties
Project Developments
KEC inks 3 agreements with China Gezhouba Group at SAR 3.6 blnArgaam18/10/2023
Knowledge City inks SAR 65.3 mln contract with EL-KhereijiArgaam19/06/2023
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