Residential project announced for King Salman Energy Park
New development of long-stay apartments designed to enhance the free zone’s appeal to incoming businesses
King Salman Energy Park (SPARK) has partnered with Affordable Housing Company, a unit of Saudi developer Bin Saedan, for the launch of two key projects – one residential, one commercial – in Saudi Arabia.
Spread over a 50,000 sq. m. area, these projects are aimed at strengthening SPARK’s offering for those looking to set up their companies in the kingdom, as well as enhancing the quality of life for the client companies’ employees.
SPARK and Affordable House Company jointly broke ground on the residential apartment complex, which will feature 459 fully furnished apartments with a combination of one-, two- and three-bedroom layouts.
These apartments are intended for long stays and incorporate the latest smart technologies – supporting Spark’s offering to tenants and clients establishing their business in Saudi Arabia.
The total land size for the project stands at close to 30,000 sq. m. and represents an investment of $50m. The development will be constructed in phases – with the first planned for completion by Q4 2025.
This marks the third investment between SPARK and Bin Saedan Group, a leading real estate developer in the Kingdom of Saudi Arabia with over 80 years of experience.
The Saudi energy park additionally signed a lease agreement with the Affordable House Company to develop multipurpose commercial offices which will include over 15,000 sq. m. of leasable area.
The commercial offices will feature best-in-class facilities including multifunctional offices, well-equipped receptions, gyms, and light-eating restaurants – powered partially by green energy and using the latest smart technologies.
Speaking at the ground breaking ceremony, SPARK CEO, Engineer Saif Al Qahtani said: “We are excited to significantly expand our commercial and residential offering through our partnership with Bin Saedan Group and Affordable Housing Company. The groundbreaking and lease agreement will enable the provision of a truly world-class offering to tenants and investors in line with our commitment to develop a dynamic ecosystem seamlessly integrating industrial zones, residential, commercial and community spaces.”
