Saudi Arabia's Injaz eyes 2,000-unit project
Saudi developer in talks to purchase $480m plot of land for residences
Saudi Arabia’s Injaz Development Company is in talks to purchase a $480m plot of land on which it plans to build 2,000 residential units, its managing director told CW sister publication Arabian Business.
The firm is also eying sales of $267m (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 $480m. We will develop more than 2,000 [residential] units. The size will be more than four million square metres,” 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 one billion Saudi Riyals [$267m] 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 $160m.