Al Akaria awards contract for key Saudi residential complex
RIYADH, December 24, 2023
Saudi Real Estate Company (Al Akaria) said it has awarded a SAR192 million ($51.2 million) contract to Rezaik Abdallah Algedrawy for the construction of a residential complex, Fai Sedra 1, within the Sedra neighbourhood in capital Riyadh.
An ambitious project of Roshn, Sedra is being developed in eight phases and will add more than 30,000 residential units to Riyadh’s housing stock, constructed over 20 million sq m of neighbourhoods.
The Fai Sedra 1 will feature a total number of 135 villas of various sizes - starting from 250 sq m up to 600 sq m - on a land area of 43,468 sq m.
The scope of work includes civil, structural, architectural, and electromechanical works for the residential complex (Fai Sedra 1) in Sedra neighborhood - Roshn in Riyadh, said Al Akaria in its filing to the Saudi bourse Tadawul.
The entire construction work will be completed within a two-year period, it stated.
An integrated community inspired by the designs of Salmani architecture, Sedra encourages residents to connect and enjoy nature as part of their daily life.
As with all Roshn developments, both nature and local heritage are incorporated at the master planning stage: Sedra’s facades and streetscapes reflect local architectural heritage, which blends tradition and modernity, and the community is built around natural features that include a wadi and an acacia forest.
The financial impact will appear on the financial statements starting from the fourth quarter of 2023, it added.-TradeArabia News Service
