SPARK and Affordable House Company Unveil $65 Million Residential and Commercial Projects in Saudi Arabia

King Salman Energy Park (SPARK) has announced a substantial expansion of its commercial and residential offerings in collaboration with Bin Saedan Group’s Affordable Housing Company, marking their third investment together. The partnership, with over 80 years of real estate development experience, has broken ground on two key projects valued at $65 million, spanning 50,000 square meters.

Residential Apartment Complex:

• Groundbreaking ceremony held on December 25, 2023.
• Features a state-of-the-art residential complex with 459 fully furnished apartments.
• Apartments include one-, two-, and three-bedroom layouts designed for long stays, incorporating smart technologies.
• Investment: $50 million (SAR 180 million).
• Total land size: Close to 30,000 square meters.
• Construction to be completed in phases, with the first phase expected by Q4 2025.

Multipurpose Commercial Office Complex:

• SPARK signs a lease agreement with Affordable House Company for the development of commercial offices.
• Includes over 15,000 square meters of leasable area with best-in-class facilities.
• Features multifunctional offices, equipped receptions, gyms, and light restaurants.
• Powered partially by green energy and utilizing the latest smart technologies.
• Investment: $15 million (SAR 60 million).
• Construction in two phases, with the first phase planned for completion by Q4 2026.

Eng. Saif Al Qahtani, CEO of SPARK, expressed excitement about expanding their offerings, creating a dynamic ecosystem seamlessly integrating industrial zones, residential areas, commercial spaces, and community spaces. This milestone strengthens SPARK’s commitment to providing a world-class environment for tenants and investors in line with Saudi Arabia’s Vision 2030.

Mohammed Abdullah Bin Saedan, Board Member of Bin Saedan Group, emphasized the confidence in investing in SPARK, contributing to the projects outlined in the Saudi Vision 2030. Eng. Nazih Ahmad, CEO of Affordable Housing Company, highlighted the project’s commitment to clean, renewable energy and AI technologies, offering furnished offices for companies seeking ready-made co-services.

This collaboration marks the third investment between SPARK and Bin Saedan Group, following contracts in 2022 for a residential complex and a workers’ village, both expected to be completed in 2025.

Source:

SPARK and Bin Saedan Launch Two Key Residential and Commercial Projects Valued at $65 million