First phase of 7 million sq m Al Widyan mega project in Riyadh expected to cost $2.6bn to build, says developer
Tadawul-listed Al Akaria Saudi Real Estate Company (SRECO) has announced plans for a 7 million-square metre mixed-use development in the Saudi capital of Riyadh.
The development - Al Widyan - sits in the northern growth corridor of Riyadh, approximately 15 minutes away from the international airport and 20 minutes away from downtown.
First phase of the project, which started in 2017, will cost $2.6 billion (AED10bn), the company said.
Additionally, SRECO said that Al Widyan will seek a 40 percent reduction in energy use and a 35 percent reduction in waste use. It is expected to be fully launched in Q4 2018 and developed over a seven year timeframe.
The development – Al Widyan – is the first private real estate project to be granted the status of a self-regulatory office (SRO) which de-risks the project for investors, reducing complexities in the development phase and fast tracks permit services.
According to SRECO, co-developers and sub-developers will be able to enjoy shorter go-to-market timelines, making the project an attractive investment opportunity. SRECO has also registered a company to execute the project, Al Widyan Co, which is 100 percent owned by SRECO.
“Al Widyan will be a new paradigm for community living in the kingdom and will embody the spirit of new Saudi Arabia, the power of human talent to conceptualise and develop the future that we aspire to for our children, communities and nation,” said Abdulrahman Almofadhi, chairman of SRECO.
Almofadhi added that with Al Widyan SRECO has “focused on putting people’s wellness at the centre of the conception, design and creation of this project.”
“Al Widyan is the proof concept of the future of building, living in healthy and innovative environment, where it’s design is aligned with the world wellness lifestyle real estate principles,” he said.
“We are building legitimate proof of concept, locating key partners and investors and beginning construction. In line with this approach, our operations and projects are increasingly independent of public sector funding, and open to investors from all over the world.”
According to SRECO, more details of the project will be revealed to the public in October.