Saudi Arabia’s Al-Fursan Suburb to Welcome 589 New Residential Units
In a groundbreaking deal worth around SR1 billion ($266 million), Saudi Arabia’s Al-Fursan suburb is set to add 589 new residential units, thanks to a partnership sealed by the National Housing Co.
Teaming up with Urbas Middle East Real Estate Co., a subsidiary of the Spanish Urbas Group, the agreement involves the development and construction of the housing units on a sprawling 150,000 sq. m area, as reported by the Saudi Press Agency.
This collaboration marks a significant milestone in the development of the Al-Fursan suburb, promising to set new standards in property development.
International Investment Boost for Al-Fursan Neighborhood Project
Saudi Minister of Municipal and Rural Affairs and Housing, Majid Al-Hogail, expressed his excitement about the agreement, stating, “This agreement complements the efforts of the recent visit to Spain and continues to attract international investments with major companies to provide various housing products that fulfill and meet the desires of citizens.”
Al-Hogail also highlighted the importance of attracting international experiences and expertise in the real estate development industry to enhance housing options in the region and promote knowledge exchange between Saudi and international developers.
Growth and Sustainability in Al-Fursan Suburb
The National Housing Co. has also announced the sale of 1,300 residential units within Al-Fursan in the first quarter of 2024, generating a total value exceeding SR1.5 billion. This achievement underscores the firm’s commitment to creating vibrant, quality living spaces that exceed modern residents’ expectations.
Al-Fursan, known as one of the largest urban development projects in the region, is designed to align with the Kingdom’s Vision 2030. The suburb covers an area of 35 million sq. m and is set to feature over 50,000 housing units, accommodating more than 250,000 residents.
Equipped with over 190 essential facilities, including educational, healthcare, and recreational services, Al-Fursan is surrounded by more than 6 million sq. m of green spaces. This extensive greenery supports the Saudi Green Initiative by planting over half a million trees, enhancing the living environment for residents.
Global Expansion and Commitment to Saudi Arabia
With experience in over 20 countries and 30,000 residential units, Urbas Group is poised for growth in Saudi Arabia through its subsidiary, Urbas Middle East. This move showcases the company’s dedication to global expansion and contributing to the development of innovative housing solutions in the region.