Injaz Development Company, a Riyadh-based master developer and investment company, announced today that it had received formal approvals for its flagship project Al-Marina in the Eastern Province, and the residential compound project Al-Gamra in Riyadh. With the approvals in place, Injaz is actively promoting the projects at Cityscape to investors and potential sub-developers and partners.
“We are open for business here. At Cityscape Dubai, we are talking to institutional as well as individual investors and potential partners who would be interested in developing and constructing hospitals, schools, malls as well as residential facilities at Al-Marina,” Injaz Managing Director Omar Abdullah Al-Kadi said today.
Injaz, which has positioned itself to be the leading master developer in Saudi Arabia, has pledged to raise the quality level in the Saudi market with a customer-focused strategy and by partnering with world-class companies.
Al-Marina is a master-planned community to be built over 3.3 million square meters on the Al-Khobar-Dammam coastal corridor. Projected to be a major landmark in the Eastern Province, Al-Marina will house 45,000 residents supported by community amenities such as schools, health care facilities, mosques, recreation and commercial facilities.
The project will consist of about 636 single-family villas and 15-storey luxury apartment blocks spread over 250 plots. All the luxury apartment towers will offer access to the waterfront as well as ample dedicated parking space. The site is bordered by the new King Faisal University to the south, residential buildings to the north and the Arabian Gulf seafront to the east, which will form part of the new corniche proposed between Dammam and Al-Khobar.
Al-Marina will have easy access from both the King Saud Road running east-west and the King Faisal Highway north-south. The development will include a road hierarchy that reflects government best practice, providing landscaped streets and boulevards that range from 18 to 60 meters wide.
“When we conceived Al-Marina, our objective was to come up with a world-class master-plan ned development in the Kingdom that offers quality lifestyle, walkable community-focused neighbourhoods and focal points for social interactions. Al-Marina will be a trend-setter in Saudi Arabia, with its focus on community living and the balance of free and open space, green areas and community care facilities,” Al-Kadi said.
He said 41.4 percent of the 3.3 million square meters will be allocated for residential and commercial purposes, 42.2 percent for public spaces and over 16 percent for government services. “We are aiming to get the best for Al-Marina. We want quality education institutions, health care providers and shopping malls and other retail outlets to be located at Al-Marina,” he added.
“We have also received approval for Al-Gamra, our residential project in Riyadh. Al-Gamra is a 2.5 million square meter project at which we are offering housing plots for individuals and companies. It is located in Northern Riyadh, which is emerging as an important nerve center of the capital city’s development and expansion,” Al-Kadi said.
The location of Al-Gamra is remarkably convenient for people living and working in Riyadh as it is only a 12-15 minute drive from most parts of the city, and offers easy access to hospitals, airport and universities, he added.
Al Gamra is an Arabic derivative of Al Gamr, meaning “the moon”.
The Injaz Managing Director projected Al-Gamra as an excellent investment opportunity for individual and corporate investors alike. “Individuals can own a plot of land and build their dream home for their families while investors and corporations can immediately own land that has the potential to offer very healthy short- and long-term returns,” he said.
Al-Kadi said Injaz and its projects such as Al-Marina and Al Gamra have brought a new momentum to the market and will introduce new quality standards to the real estate industry in Saudi Arabia. He pointed out that there is a general consensus about the need for new real estate solutions that can meet the growing demand for housing in the Kingdom, and promised that Injaz will come up with innovative and customer-friendly approaches that will benefit the country and the community.
About Injaz Development Company
Injaz Development Company was established in 2006 in Riyadh with a vision to be the leading master real estate developer in Saudi Arabia. Injaz is committed to build community projects that offer the highest quality and world-class standards for the end-user and profitable returns for investors. Injaz aims to achieve a leadership position in the real estate sector in the Kingdom and the region through a multi-pronged approach that will include:
• A powerful customer-focused strategy
• Pioneering real estate initiatives
• Innovative Shariah-compliant solutions that meet international standards
• Sustainable solutions and best practices that will benefit the investors and end-users
• Develop Injaz as a resource center to collect and disseminate credible information on the
national and regional real estate sector
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