Dubai: The demand for housing in Saudi Arabia is unlikely to see any drop off soon – and developers are rushing to fill the needs of buyers where possible.
The NEOM – one of Saudi Arabia’s biggest ongoing developments – has just launched ‘Norlana’, billed as an ‘ultra-modern’ lifestyle community for about 3,000 residents. The developer already has a full roster of iconic hospitality and commercial real estate projects at the sprawling destination, located in the Kingdom’s northwest.
Norlana will have 711 residential properties, including mansions and beach villas along the Gulf of Aqaba coastline. In keeping with the demands of future homeowners there, a 120-berth marina will be built as part of the project. This will serve as an ‘international hub for superyachts’, with water taxi services available for residents and guests.
There is space for an 18-hole golf course ‘nestled among rugged mountains’, and an equestrian and polo center.
Affordable housing
Saudi developers are also targeting a wider homeowner base with more affordable options. The King Salman Energy Park (Spark) is taking on a significant expansion of its commercial and residential offerings along with Bin Saedan Group’s Affordable Housing Company. T
A new residential apartment complex will have 459 fully furnished apartments on land close to 30,000 square meters and with an investment of SR180 million. The first phase is set for completion by Q4-2025.
This is the third project between Spark and Bin Saedan Group to develop projects in the city. In 2022, the two signed multiple contracts worth $150 million to build a residential complex and workers village. This is expected to be completed in 2025.
The latest project also has space for multi-purpose offices, which will include over 15,000 square meters of leasable area. These will be built on 25,000 square meters of land and cost SR60 million). To be constructed in two phases, the first will likely see completion Q4-2026.
“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,” said Saif Al Qahtani, CEO of Spark.
