3 days ago
Azure launches Lamara project in Riyadh
Property Azure launches Lamara project in Riyadh
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The project aligns with SAB Invest's local real estate strategy, which has achieved a 19% internal rate of return for its investors
Azure has launched its Lamara project in Riyadh. This collaborative effort between Mohammed Al Habib Real Estate and SAB Invest brings together expertise in development, real estate investment, and master planning.
The project was valued at US $72.4mn and aligns with SAB Invest's broader $800mn local real estate strategy, which has achieved a 19% internal rate of return (IRR) for its investors. Together, SAB Invest and Mohammed Al Habib Real Estate reinforce their shared commitment to delivering exceptional, high-impact communities, said a statement.
Azure, backed by the legacy of over 50 completed projects across 10 cities by Mohammed Al Habib Real Estate, is set to launch multiple projects per quarter as part of a high frequency strategy. This vision aims to manage up to 20,000 residential units in Riyadh by 2030. Azure currently serves over 13,680 residents across 12 compounds and 3,639 residential units. Azure Lamara builds on this momentum to Riyadh's evolving residential landscape, offering developments that redefine lifestyle centric urban living, said a statement.
Abdullah Al Habib, CEO of Mohammed Al Habib Real Estate said, 'Lamara is just the beginning. As Azure expands its footprint across Riyadh, we are creating vibrant, high-quality communities that align with Vision 2030. Leveraging our expertise in pioneering strategic master plans and unique urban developments, we remain dedicated to crafting neighborhoods that truly reflect and elevate the way people live and connect.'
Fahad Al-Assaf, President at Azure, emphasised this vision commented, 'This launch reflects Azure's broader mission to create thoughtful urban environments. Drawing on the heritage and development expertise of our parent company, we aim to deliver spaces that inspire the seamless integration of connection, wellbeing, and enduring value.'
Ali Al Mansour, Managing Director and CEO of SAB Invest added, 'Our collaboration with Mohammed Al Habib Real Estate reflects our commitment to backing high-quality developments that deliver both strong returns and long-term value to investors. Our success with Azure Lamara project is a testament to this strategy, and we are proud to see that momentum continue with the Lamara launch.'
SAB Invest, with its growing portfolio of residential and mixed-use assets across the Kingdom, brings investment scale and efficiency to its long-term value creation development strategy. This collaboration exemplifies responsible real estate practices that positively impact the community. Azure prioritises services that cater to the diverse needs of its broad resident community, welcoming environment that resonates with today's globally minded population, the statement concluded.
