Saudi Real Estate Company (Al Akaria) has enlarged the Al Akaria Park in Riyadh to include 296 housing units for a total development cost of $123.71 million.
In January, Al Akaria had signed a memorandum of understanding with Al Tahaluf Real Estate Co to establish a special purpose vehicle to develop 250 residential villas within Al Akaria Park masterplan in Riyadh. The estimated development cost for this reached $101 million.
Earlier this month, Al Akaria’s subsidiary Saudi Real Estate Infrastructure Company (Binyah) was awarded a $145.01 million contract by Diriyah Gate Company to design, construct, test and commission Northern Cultural District’s P3 car park project.
