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King Salman Energy Park (SPARK), the leading energy industrial ecosystem, has partnered with Affordable Housing Company, a unit of Saudi developer Bin Saedan, for the launch of two key projects - a residential and a commercial one - in Saudi Arabia.
Spread over a 50,000-sq-m area, these projects are aimed at strengthening Spark's offering for those looking to set up their companies in the kingdom and enhances the quality of life for all residents in the city.
Spark and Affordable House Company jointly broke ground on the residential apartment complex, featuring 459 fully furnished apartments with a combination of one-, two- and three-bedroom layouts.
These apartments are intended for long stays incorporating the latest smart technologies - supporting Spark’s offering to tenants and clients establishing their business in Saudi Arabia.
The total land size for the project stands at close to 30,000 sq m and represents an investment of $50 million. The development will be constructed in phases – with the first planned for completion by Q4 2025.
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 Saudi energy park additionally signed a lease agreement with the Affordable House Company to develop multipurpose commercial offices which will include over 15,000 sq m of leasable area.
The commercial offices will feature best-in-class facilities including multifunctional offices, equipped receptions, gyms, and light restaurants – powered partially by green energy and using the latest smart technologies.
On the commercial offices, Spark said it will be built on 25,000 sq m of land and represent an investment of $15 million. The development will be constructed in two phases with the first planned for completion by Q4 2026, it added.
Speaking at the ground breaking ceremony, Spark CEO Engineer Saif Al Qahtani said: "We are excited to significantly expand our commercial and residential offering through our partnership with Bin Saedan Group and Affordable Housing Company."
"The groundbreaking and lease agreement will enable the provision of a truly world-class offering to tenants and investors in line with our commitment to develop a dynamic ecosystem seamlessly integrating industrial zones, residential, commercial and community spaces," he stated.
"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,” he added.
Mohammed Abdullah Bin Saedan, Board Member of Bin Saedan said this was 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 the Saudi energy park, effectively contributing to the projects outlined in the Saudi Vision 2030,” stated Bin Saedan.
Engineer Nazih Ahmad, CEO of Affordable Housing Company, said: “This project will comprise two 5-floor buildings and aims to serve as a model for the utilization of clean, renewable energy and AI technologies."
"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,” he noted.
"The investment with Bin Saedan Group marks the third investment between Spark and the Group to develop real estate projects in the city. In 2022, Spark signed multiple contracts with the group worth $150 million to build a state-of-the-art residential complex and workers village," he noted.
The construction of both developments is expected to be completed in 2025, he added.-TradeArabia News Service