Redesigning Comfort

Saudi Arabia is becoming synonymous with large-scale urban development and renewal, from the cracking of ground to lay the foundations of new megacities to the refreshing of neighborhoods steeped in history. Indeed, it is believe the country is on the prcipe of a housing boom, triggered by a rising population, an influx of expatriates, and an increase in urban renewal and development projects. Vision 2030, the country’s blueprint for economic diversification, also places strong emphasis on the need for affordable, quality housing for all citizens, further boosting the real estate and construction sectors as players clamber to play a part in closing the housing shortfall.

Among the benefactors is First Avenue Real Estate Development, plying its trade with a range of residential projects across Jeddah and Riyadh. The firm commenced in 2017 with a “modest paid-up capital of USD150,000,” said CEO Nader Hassan Alamri in a recent interview with TBY, but now boasts “a scale of USD50 million paid-up capital, achieved through astute investments and strategic partnerships.” Thanks to its approach, it has been able to develop commercial and residential projects totaling SAR1.5 billion across prime locations in Jeddah and Riyadh.

One currently ongoing project is Al Diriyah Avenue, in Riyadh’s prestigious Diriyah neighborhood. “We acquired over 22,000sqm of private land from the market,” said Alamri, adding that, “This iconic project presents a distinctive challenge, and through collaboration with the Diriyah Gate Authority, we have envisioned an exceptional residential compound divided into six zones. The project will feature 76 townhouses in total equipped with ground-level parking, a driver’s room, and a communal 400sqm area for each zone . Moreover, the project encompasses 45 two-bedroom modern apartments to cater for the growing demand for residence in Diriyah.”

The project is breathtaking, combining traditional local architecture with modern expectations of comfort and convenience. Its townhouses and villas feature hanging gardens, meaning residents can feel at nature right in the heart of the city.

Once complete, Al Diriyah Avenue will stand as an example of urban regeneration done right, tying into wider Vision 2030 and Riyadh Royal Commission for Riyadh City goals of a more socially, economically, and environmentally sustainable capital city. Those benefitting in Riyadh, or indeed planning to move to the city, are likely to see their surroundings evolve quickly over coming years as city centers and infrastructure are developed and upgraded and green spaces, as well as mixed-use developments, increase in quantity and quality.

Diriyah itself is the original home of the Al Saud family, and is currently undergoing a range of redevelopment aimed at opening it up not just to locals and new residents, but to a growing number of tourists looking to discover everything Saudi Arabia has to offer. Indeed, the Turaif district is a UNESCO World Heritage Site, while Diriyah also plays host a leg of the Formula E championship.

For First Avenue Real Estate Development, projects like Al Diriyah Avenue are only the beginning. “The preceding five years served as a foundation for the coming five years,” continued Alamri, adding that the firm had now entered “a new era characterized by the introduction of innovative products to the market.”

While the Saudi transformation is being concocted in the halls of power, it is being executed at street level, and the country’s real estate developers are in the thick of the action.