400 million riyals… This is the investment value paid by Ashhad Real Estate Development to secure a place in the heart of Future City, northeast of Riyadh, by acquiring 200,000 square meters of developed land, planning to build more than 1,000 villas using new and innovative technologies, with sales launches starting at the end of the fourth quarter.
Ashhad Company signed an agreement to purchase residential land with Remar Company, with the land area totaling 200,000 square meters of developed land at a value of 2,000 riyals per square meter.
The Chairman of the Board of Directors of Ashhad Company, Ali Al-Ali, revealed that the company, in cooperation with Al-Ali Real Estate – one of its companies – will construct more than 1,000 residential units, all of which are residential villas, using new and innovative construction technologies. These villas feature a high level of guarantees and competitive prices, relying on its expertise in real estate development, which extends for more than 35 years in building residential complexes.
Al-Ali confirmed that “this direction aligns with the major movement led by the Ministry of Municipalities and Housing to expand housing construction and meet the demand for residential products for Saudi families.”
He stated that the choice of Future City came after a thorough study of the project in terms of location, the future of residential growth east of Riyadh, as well as the level of high-quality infrastructure, including all services and facilities that achieve a high quality of life in this giant residential city located near the new security headquarters of the Ministry of Interior.
On the other hand, the Managing Director and CEO of Remar Company, Engineer Ali Al-Shahri, said: “In this agreement, we ensured that the company building in the Future City project meets the level of qualitative development and infrastructure of the project, which adhered to the highest quality standards.”
Al-Shahri pointed out that the project is located in the best areas of growth and residential demand in Riyadh, providing thousands of residential products (villas and developed land), within an integrated infrastructure and unique public facilities that enhance the quality of life for the city’s residents, noting that Ashhad Company has distinguished experience in residential development.
Work on the project, which includes the development of more than 1,000 residential villas, will begin after the completion of official permits. The company is expected to start sales under the off-plan sales system, with suitable financing facilities for everyone, in three phases, at the end of the fourth quarter of this year.
Future City
Riyadh
Ministry of Municipalities and Housing
Future City
Riyadh
Ministry of Municipalities and Housing
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