Saudi Arabia’s King Salman Energy Park (SPARK) has signed an agreement with Affordable House Co., a subsidiary of A.M. Bin Saedan & Sons Real Estate Group to develop a residential complex and workers’ village at SPARK with an investment of $150 million.
Spanning an area of 30,000m2, the residential complex will be developed in two phases with the construction of the first phase to be completed in 2025. Once complete it will offer a wide range of fully furnished long-term accommodations to residents.
Commenting on the development, Eng. Saif Al Qahtani, President and CEO of SPARK said: “We are delighted to partner with Bin Saedan to build a residential complex and workers’ village at SPARK.
“This partnership reinforces our commitment to creating an environment where residents can work, play and live. It will allow tenants to safely lodge their employees in amenities that offer the highest quality of services, elevating the investor experience at SPARK.”
Adopting sustainable construction at King Salman Energy Park
The development will incorporate sustainable construction technologies, smart systems, and eco-friendly materials such as green concrete, and solar panels. This aims to minimise King Salman Energy Park’s carbon footprint and impact on the environment, in line with the Saudi Green Initiative.
SPARK and Bin Saedan also broke ground on a new state-of-the-art workers’ village following an agreement signed earlier in 2022. The workers’ village will be built in three phases over an area of 110,000m2 with the first phase to be completed in 2025. The development will have a capacity of over 8,000 beds and will include a complete range of amenities.
Mohammed Abdullah Bin Saedan, board member of Bin Saedan added: “We are proud to partner with King Salman Energy Park to build workers’ village with an investment of $150mn to develop the infrastructure needed for a dynamic community where residents can live a healthy and happy lifestyle.
“Our experience in the kingdom spans nearly a century with several flagship innovative projects. This partnership marks a milestone for our company as we aim to accelerate our expansion in the Eastern Province. We are committed to making this project the first of its kind in the kingdom and the region.”
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