Projects valued at US$ 65mn and spread over 50,000sqm
King Salman Energy Park (SPARK), the leading energy industrial ecosystem, recently announced the significant expansion of its commercial and residential offerings in partnership with Bin Saedan Group’s Affordable Housing Company.
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 residential complex will feature 459 fully furnished apartments with a combination of one-, two- and three-bedroom layouts. The total land size for the project stands at close to 30,000sqm and represents an investment of US$ 50mn (SAR 180mn). The development will be constructed in phases – with the first planned for completion by Q4-2025.
The commercial offices will be built on 25,000sqm of land and represent an investment of US$ 15mn (SAR 60mn). The development will be constructed in two phases with the first planned for completion by Q4-2026.
“This milestone strengthens our offering for those looking to set up their companies in the Kingdom and enhances the quality of life for all residents in the city,” stated Eng. Saif Al Qahtani, CEO, SPARK.
“This is the Group’s third project in King Salman Energy Park, following the development of the workers’ village and the residential buildings complex. It serves as a testament to our confidence in investing in SPARK, effectively contributing to the projects outlined in the Saudi Vision 2030,” commented Mohammed Abdullah Bin Saedan, Board Member, Bin Saedan.
“The project will allocate spaces for furnished offices, catering to companies in search of ready-made co-services for pre-furnished offices and short-term lease,” remarked Eng. Nazih Ahmad, CEO, Affordable Housing Company.
