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Masaken Al Akarya Project - El Safarat District
Overview
The project includes developing a residential complex at El-Safarat District, Riyadh. The project will be developed in two phases -- comprising 295 residential units (villas and duplexes).
Estimated total investment is SAR 508 million.
Phase two includes developing 21 residential buildings on a land area of 14,900 sqms, and a total of 68 apartments.
Estimated investment is SAR 67 million. The land is leased for 50 years from Arriyadh Development Authority (ADA).
Project Information
- Real Estate > Landlords and developers
- Phase 1 is completed and the company started leasing units. Estimated investment is SAR 508 million.
- Phase 2 is completed and it includes 21 residential buildings with a total of 68 apartments in November 2018 with estimated investment is SAR 67 million.
- The company started the actual delivery of the project units in the second quarter of 2015 and expects that the complete receipt of the housing units will take place before the end of the second quarter of 2016.
- The company announced the signing of a contract to implement the development and construction works for the third stage with the Saudi Real Estate Company to set up 21 housing complexes in the last quarter of 2016.
- The company announced the completion of the development and construction work for the third phase, which includes the number of 68 housing units, at a total cost of 67 million riyals in 2019.
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