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Knowledge Economic City says the new towers will add to the residential units currently under construction by the contractor.
Knowledge Economic City (KEC) signed a letter of award with Elkhereiji Commerce & Contracting Co. for a construction contract at a value of SAR 282 million, excluding VAT. The contract covers the full scope of works for four additional residential towers within the buildings of Phase I of Al-Alyaa mixed-use project.
Under the contract, Elkhereiji Co. will execute all construction works for the residential towers, including electromechanical works and finishing, for a group of four residential towers.
As part of Phase One of Al-Alyaa, the additional towers provide a variety of upscale residential flats in different sizes. Moreover, it will expand the number of residential units that the contractor is already building at the project.
According to a statement to Tadawul, KEC said that the total number of residential units under construction in Al-Alyaa mixed-use project reached 1,420 units, which will be offered for sale under the off-plan sales system under the supervision of the Economic Cities and Special Zones Authority (ECZA).
There are no related parties to the deal, the statement added.
Al-Alyaa project at KEC is a gated mixed-use compound spanning 270,000 square meters (sqm) and comprising units of various sizes and types. The project will deliver nearly 2,000 residential units, including 1,420 residential apartments, 70 high-end residential villas (mansions), 408 hotel apartments, and 144 hotel rooms.
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