Saudi Real Estate Company (Al Akaria) has announced that it has reached an agreement with Royal Commission for AlUla and AlUla Development Company to build an 804-unit residential project over a 260,233m2 area in the ancient Saudi city.
A premium project coming up in AlUla, Sidrat AlUla will feature a total of 564 apartment units and 240 villas and townhouses.
The masterplan shall offer other component mix including commercial and retail space, approximately 25,000m2/GFA, along with other supporting facilities, amenities, and green parks, said Al Akaria in its filing to the Saudi bourse Tadawul.
A major Saudi developer, Al Akaria is partially owned by the government represented by the kingdom’s sovereign wealth fund PIF (Public Investment Fund) and Public Pension Agency.
The marketing licence for the project has already been procured from Wafi, it added.
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