Saudi Arabia’s Injaz eyes 2,000-unit new project

Saudi Arabia’s Injaz Development Company is in talks to purchase a SAR1.8bn ($480m) plot of land on which it plans to build 2,000 residential units, its managing director told Arabian Business.

The firm is also eying sales of SAR1bn for two clusters of land in its Damman-based Al Marina project.

“We are negotiating with the land owners to participate and to develop the project. In terms of cost we are talking about approximately SAR1.8bn. We will develop more than 2,000 [residential] units. The size will be more than four million sq m,” said Omar Al-Kadi.

“We have some interest on the residential [projects in Al Marina] and also some of the mixed-use towers. We are trying to reach a target of SAR1bn of sales by the end of next year,” he said.

Injaz will launch sales for 1,100 plots of land in its Al-Gamra project within in the next three months, he added. Total sales are expected to be SAR600m.