Its residential projects are in line with the Kingdom’s vision to increase homeownership to 70% by 2030.
Alawaly Real Estate Co. brought home two category wins at the recently held Real Estate Asia Awards for the success of the company’s projects in 2022, including its residential project Alawaly Homes.
Founded in 2011, Alawaly Real Estate is a leading development and investment company based in the western region of Saudi Arabia with projects spread out across the Kingdom in Jeddah, Makkah, Riyadh, & Qassim.
It develops a mix of residential, commercial, mixed-use, and hospitality projects, with its current focus being on residential projects in line with the Kingdom’s vision 2030 that aims to increase homeownership to 70% by the said year.
Currently, the company has more than 60 projects in its portfolio with a total of 13,000 residential units developed, five million square metres of developed area, and a total project’s portfolio worth more than SAR2.5B.
In 2022, Alawaly Real Estate launched four new residential projects with a total of 2,415 residential units and a total value of SAR1.7B. In line with this, the construction of Alawaly Homes project began in December of the same year.
The residential project is designed to provide open spaces and a healthy lifestyle to dwellers. It is built up in an area of 263,000 square metres and consists of 63 residential low-density buildings containing a total of 1,242 residential units.
It contains a multitude of common facilities such as running tracks and cyclist lanes and includes a central community centre that features amenities such as a grand fitness centre, a library, a business centre, a nursery, a kids’ play area, and a café. The project design gives a nod to the traditional Arabic design patterns whilst remaining modern and simple, striking a balance between elegant traditionalism and modernity.
Another factor that has been considered when designing the project is sustainability, with air circulation being studied extensively and the latest in building insulation technology utilized to reduce cooling costs.
Alawaly Homes is slated to be completed in the first quarter of 2025.
“Alawaly’s vision is represented through its urban residential and commercial projects, as we believe that the true real investment is not in buildings but in the humans themselves. This is evident in the projects that the company develops as the quality of life is a focal point in all projects; offering dwellers destinations to live, enjoy, and work in a serene environment,” the company said.
Alawaly Real Estate is in the process of becoming a publicly listed company with the initial public offering activity slated for the second quarter of 2024.
Real Estate Asia Awards honours the most innovative real estate developments and laud industry players in Asia Pacific that stand out in the market.
