2012-11-19 05:39:50 - After obtaining Riyadh Municipality’s approval on the project
Riyadh – November 18, 2012: Injaz Development Co. has announced that Riyadh Municipality has approved its Al Gamra 10 project in Northern Riyadh, authorizing the company to commence the sales of the project’s development plots, which is planned through a real estate auction in December 2012. Covering an area of 566,000 square meters, Al-Gamra 10 is one of the blocks comprising the "Al Gamra Project", which is strategically located between the north highway and King Fahad Road towards the north on Abu Bakr Alseddig Road. Al Gamra 10 is an integrated project offering ready-to-occupy plots for residential and commercial buildings that are specifically designed to complement the growing economic activities in the area north of Riyadh. Al Gamra Project is
a 2,595,500 sqm development that is easily accessible through a network of roads, while being close to North Riyadh project of the High Commission for the Development of Arriyadh. It also enjoys a well-developed infrastructure and architectural design including green spaces and wide sidewalks that meets latest standards.
A key attraction of Al Gamra 10 is that it is located on an elevated land compared to other plots located north of Prince Salman Road. Prospective investors will particularly appreciate the value added to the land because of its elevated location.
Al Gamra 10 is expected to help accelerate the growth of real estate and urban development in north Riyadh, particularly in the field of housing development in light of the strong demand for residential properties in KSA. Moreover, KSA’s demographics plays an important role in driving demand for housing projects in the Kingdom as youth, forming up to 60 per cent of the country’s population, will be actively looking to invest in or buy their own residential properties. Al Gamra 10 is a model for urban development that caters to the essential needs of the community, while serving as a catalyst that will further drive real estate development in Saudi Arabia, including the development of residential, commercial plots and facilities that are fully integrated with electricity, water, lighting and transport infrastructure.
Northern Riyadh, which is emerging as a nerve centre of new investments in the country, is witnessing a growing interest in its urban and business landscape, with many exhibiting and shopping centers and housing units being built by high-profile developers and real-estate investors in the region. This is attributed to the many promising opportunities furnished by a wider range of real-estate solutions and products, compared to other areas in central Riyadh. Moreover, the newly issued Saudi Mortgage Law and its relevant value-added real estate services have attracted more investment opportunities to the Al Gamra area that is fast emerging as a premier residential destination in northern Riyadh.
Omar Al-Kadi, CEO and Managing Director, Injaz Development Co., said: “Launching sales of Al Gamra 10 through a real estate auction reflects the growing awareness among investors and property buyers of the important role of real estate auctions in promoting real estate growth in the Kingdom, and particularly in Northern Riyadh. Real estate auctions offer an effective tool for selling real estate plots, complementing the growing demand on urban and housing development in the area. Al Gamra 10, which is being overseen by Injaz, is strategically located with easy access to a network of main roads and proximity to some of the key landmarks in Northern Riyadh, such as Imam Muhammad Ibn Saud Islamic University, King Khaled International Airport, King Abdullah Financial Center and Princess Noura Bint Abdulrahman University.”