The project, which will start immediately, represents the first phase of the residential gated community located in the northwestern area of Knowledge Economic City in Madinah, and is set for delivery in phases during 2012.
Ali bin Othman Al Zaid, chairman of both Al-Akaria and Al-Marifa Al-Akaria LLC, said the project fell under the strategic partnership between Al-Akaria and KEC, which was announced in January this year to develop and sell real estate projects in Madinah starting with this gated villa community — the first gated residential community in Madinah within the boundaries of Al-Haram zone.
The gated community is the first project in Madinah by the Tadawul-listed Saudi Real Estate Company (Al-Akaria), 64.5 percent of which is owned by the Saudi Public Investment Fund.
Sami Mohsen Baroum, chairman of KEC, said the project was designed to reflect Madinah’s architectural style, distinguished by quality infrastructure, attractive landscape, cafes, retail shops, vibrant community facilities, and smart connectivity.
It also features, among others, green areas, playgrounds and parks for children, walking tracks, gyms and swimming pools for men and women.
The community is planned on a total land area of 586,000 square meters and will be developed in four phases for a total of 900 villas with investments exceeding SR1 billion.
The entire project completion is targeted in 2014.
This is concurrent with the significant progress achieved on the KEC infrastructure projects that include linking electricity, water and sewage networks under various contracts valued at more than SR250 million, in addition a SR305 million contract was awarded to Al Rajhi Construction Company, part of Al Rajhi Holding Group, to develop KEC’s Northern Area infrastructure and site works have commenced a few weeks ago.
The project is synchronous with other projects within KEC’s first phase being undertaken in the next four years, including the infrastructure requirements, residential and commercial units, and social amenities.
It also features a cultural zone, which will be a destination to Madinah’s visitor and inhabitants, and educational facilities comprising model schools for boys and girls, and an international university, and an integrated compound to accommodate visitors.
Nasser Hassan Naseef was appointed CEO of Al-Marifa Al-Akaria.
The company also announced an agreement with Midrar Company to supervise the implementation of the 1st phase of villas.
KEC is among the economic cities launched to enhance economic knowledge through building a master-planned city featuring integrated infrastructure that benefits from the unique characteristics of Madinah to attract knowledge and economic investments. It is also an addition to the real estate market in Madinah as it includes residential, commercial and hospitality sectors for Madinah’s visitors due to its proximity to the Holy Mosque, Al Haramain High Speed Train Station, and Prince Mohammed bin Abdul Aziz International Airport.
