Saudi Blominvest and Maskan Arabia signed contracts for the first, second and third phases to develop the entire project of (Blominvest-Maskan Arabia Real Estate Development Fund) in northern Riyadh, intended for the building of 292 residential units worth SR475 million.
The contracts include the implementation of all infrastructure utilities, construction and electro-mechanic works, and the finishing works of the project.
CEO of Blominvest Abdullah Al-Rashoud and CEO of Maskan Arabia Eng. Hossam Al Rashoudi signed the contracts on behalf of the two companies.
These phases include digging and preparing the land of the project, construction and electro-mechanic works, as well as the finishing works.
The project has quality advantages, making it the leading housing project in terms of location, quality and durable construction and elegant design.
Blom-Maskan fund is considered one of the most prominent privately-offered Sharia-compliant real estate investment funds. It was launched by Blominvest Saudi Arabia in December 2011 with a capital of SR283 million and was shortly closed after a feeder fund of NCB Capital subscribed for the majority of the shares in the fund's capital. This was followed by another success by Blominvest in securing a loan worth SR240 million with the National Bank, whereby the bank loan covered all the costs of developing and building the villa project, comprised of 292 housing units.
"Signing these contracts comes as a coronation of the cooperation between Blominvest and the fund developer Maskan Arabia. It is also considered an onset of more property funds that Blom intends to launch by investing in the (residential and commercial) property sector across the Kingdom," Al-Rashoud said.
He added "with the awarding of construction contracts, we are making a significant achievement in the project. We are confident that Maskan Arabia will employ the highest quality standards in completing these major phases and meeting the planned deadlines".
The CEO of Maskan Arabia said "signing the construction contracts is a very important step to start the implementation and development of the entire project and emphasizes our efforts to complete the project within the specified three-year time period. This step coincides with the achievements made by the company so far, with respect to the purchase of the project lands, the assigning of the consulting firm that will carry out the design works, and completing the rehabilitation of the main contractors of the project, which has quality features making it the leading housing project in terms of location, quality of and durability of construction, and elegant design."
The project development strategy is based on the creation of thirty different villa designs, representing a transition in quality and elegant architecture and reflecting the beauty of Andalusian, Ottoman and Moroccan Islamic designs, turning the project into a unique landscape adorning a civilized and astonishing metropolitan capital, he added.
The Saudi Gazette