Construction

KSA’s Raza says two major residential projects will be delivered in Q3 2020

Developer says that work on East Village and Jeddah Obhur City is in full swing

Raza, the real estate arm of the Saudi Public Pension Agency and a subsidiary of Al Ra’idah Investment Company, has said that work was in full swing on two of its major residential projects in the Kingdom – East Village and Jeddah Obhur City – which are due for delivery in the third quarter.

East Village is the residential cluster of Digital City in Riyadh, a project by Raza and the Kingdom’s first integrated community-living development. It features commercial, retail and residential offerings underpinned by international-standard amenities and facilities. It is a community for the innovative and forward thinkers and fosters the spirit of a knowledge-based economy, stated the Saudi developer.

The Digital City project comprises two phases. The Phase One, which is already completed, offers significant office space in multiple configurations across 400,000 sqm of commercial buildings, as well as a conference centre and a Crowne Plaza Hotel.

East Village is the second phase of the project, a residential community featuring 2,200 units built around a community retail plaza. Combined, these two facets of Digital District form a modern and inclusive mixed-use community destination, said the statement from Raza.

East Villa will feature key amenities such as a community mall, parks, and children day care centres.

With regards to the Jeddah Obhur City development, Raza said it is one of the largest urban residential projects in Saudi Arabia. Situated north of Jeddah, this mixed-use development will deliver a new standard of community living to residents, it added.

The new development boasts thousands of apartments with retail, entertainment and public amenities.

According to Raza, Obhur City has been developed with a masterplan covering more than 2.5 million sqm. It offers a great variety of residential configurations of two- and three-bedroom apartments with an assortment of different layouts.

Phase One houses over 2,500 residential units, which are in the final stages of construction, the Saudi developer added. Along with residential properties, Obhur City features a number of commercial units in different assortments of size and layout.

Once these projects gets delivered in the third quarter, Raza wil emerge as the largest community landlord in Saudi Arabia, the statement concluded.

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