7 million sqm mixed-used development in Riyadh expected to take 7 years to complete
Tadawul-listed property developer SRECO (Al Akaria Saudi Real Estate Company) is to build a 7 million sqm mixed-used development in Riyadh.
Publishing its plan in a statement, SRECO said the first phase of the Al Widyan development will begin in Q4 2018 and is expected to cost $2.67 billion to build.
The developer also said the project is the first private real estate development to earn the status of Self-Regulatory Office (SRO) and adding that it: “de-risks the project for investors, reduces complexity in the development phase and fast tracks permit services.”
The company added that preparation for construction was initiated last year and has completed and gained approvals for construction following transportation and traffic impact studies. SRECO has also secured MoUs with a number of commercial partners and talks continue with potential Saudi Arabian and international partners.
The project is a being overseen by the newly formed Al Widyan Company which is wholly owned by SRECO. Built in line with the Saudi Vision 2030 national transformational plan Al Widyan Company will target both a 40% reduction in energy use and a 35% reduction in water use. Further details are expected to be announced in October but the multi-phase project is expected to be completed by 2025.
“We have focused on putting people’s wellness at the centre of the conception, design, and creation of this project,” Abdulrahman Almofadhi, chairman of the Board of Directors of SRECO was quoted in the statement.