Latest news with #SAR5.5
Asharq Al-Awsat
10-03-2025
- Business
- Asharq Al-Awsat
Saudi Arabia's Sports Boulevard to Showcase Transformative Urban Development at MIPIM 2025
Saudi Arabia's Sports Boulevard Foundation announced its participation in MIPIM 2025, the world's leading real estate investment event, taking place in Cannes, France from March 11 to 14. As part of the 'Invest Saudi' delegation, the foundation will present key investment opportunities and urban development insights, reinforcing Riyadh's evolution into a global hub for sports, wellness, and sustainable living. Sports Boulevard—one of Riyadh's mega-projects—is set to become the world's largest urban regeneration linear park, spanning more than 135 km across the capital. The project integrates cutting-edge sports infrastructure, vibrant public spaces, and sustainable mobility solutions, aligning with Saudi Vision 2030's goals of enhancing quality of life and economic diversification. The first phase of Sports Boulevard, opened in February 2025, includes five key destinations along an 83 km stretch, marking a significant milestone in the foundation's commitment to innovative urban development. As of December 2024, the project has secured substantial investments, including a combined real estate investment fund valued at approximately $1.47 billion (SAR5.5 billion), which will further boost private-sector participation. At MIPIM, the foundation will engage with global investors, urban planners, and real estate developers, showcasing prime opportunities across various sectors. Sports Boulevard offers over four million square meters of gross floor area (GFA) earmarked for private-sector participation, including high-end residential units, commercial and retail spaces, and sports venues. This strategic space is poised to attract global investors and developers eager to contribute to Riyadh's transformation. CEO of the Sports Boulevard Foundation Jayne McGivern commented: "Sports Boulevard is more than an urban development; it's a movement towards a healthier, more sustainable future. We are showcasing Riyadh as a global model for active living, where sports, wellness, and urban infrastructure converge to foster a thriving community." "With world-class sports facilities, green mobility networks, and vibrant public spaces, the project offers unmatched investment and innovation opportunities in real estate and sustainable urban planning," he said. With over 4.4 million square meters of green spaces, 220 km of cycling pathways, and an extensive 135 km pedestrian network, Sports Boulevard is redefining urban livability in Riyadh. The project also includes 15 km of dedicated horse-riding trails, more than 50 multidisciplinary sports facilities, and a network of tree-lined walking paths and shaded areas, encouraging outdoor activities in the city's evolving landscape. Sports Boulevard is unlocking significant investment opportunities for local and international investors across core asset-class real estate, sports, and infrastructure. Launched by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud on March 19, 2019, and chaired by Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, the project aims to improve the quality of life for residents and visitors by offering integrated infrastructure, pedestrian pathways, cycling and horse-riding trails, and world-class sports facilities.
Arabian Business
17-02-2025
- Business
- Arabian Business
Saudi Arabia's Red Sea Residences draw early buyers at $1.5mn starting price
Red Sea Global has sold more than 12 per cent of its ultra-luxury homes on Saudi Arabia's western coast before the official market launch, with prices starting from SAR5.5 million ($1.47 million) for a one-bedroom property, as the developer taps into growing regional demand for premium coastal real estate. The pre-sales success of the multi-billion riyal development on Shura Island signals a strong appetite from wealthy Gulf investors for Saudi Arabia's emerging luxury tourism destinations, with the developer primarily targeting buyers from the kingdom and neighbouring Gulf countries. 'Even before the residences hit the open market, we sold more than one in eight properties at Shura Island, demonstrating the strength of demand for these distinctive, ultra-luxurious homes in an unrivalled setting,' Nicholas King, Group Chief Development Officer at Red Sea Global, told Arabian Business. The residential portfolio includes 75 Four Seasons-branded villas spanning 414 to 534 square metres, offering views across the development's golf course and the Red Sea. The project also features 15 SLS residences ranging from 130 to 423 square metres, and 36 marina apartments between 190 and 364 square metres. Saudi Arabia's recent legislative reforms have sweetened the deal for international investors, with the kingdom now offering Permanent Residency visas to foreign buyers investing more than SAR5 million in property. The initiative forms part of the country's broader push to diversify its economy beyond oil and develop its tourism sector. 'Currently we are targeting buyers from the Kingdom and the GCC region because we know that is where the demand for homes on the Saudi Red Sea coast is strongest,' King said. While initial sales have focused on regional buyers, the company has already secured international purchasers and plans to actively expand its global marketing efforts. The development, scheduled for handover by the end of 2025, sits within the broader Red Sea destination that welcomed its first hotel guests in 2023. The location features high-end retail and dining options, including restaurants led by Michelin-starred chefs, alongside luxury marinas and the kingdom's first 18-hole island golf course. Red Sea Global's expansion plans extend beyond Shura Island. The developer is set to open its wellness-focused AMAALA destination later this year, which will include additional residential offerings. A new integrated resort island community is also planned to come to market in late 2025, targeting multi-generational living. By the end of 2025, the company aims to have opened 25 resorts across its destinations and delivered approximately 450 luxury residences. The developments are served by the Red Sea International Airport, which began international operations in April 2024 with twice-weekly flights to Dubai. When asked about potential plans for an initial public offering of its residential division, the developer indicated its current focus remains on operational execution. 'Right now, we're focused on the success and ramp-up of our already open hotels and residential communities, as well as continuing to deliver on our development pipeline,' King said. The project's accessibility has been enhanced by its strategic location, with the Red Sea International Airport situated within three hours' flying time of 250 million people and eight hours from 85 per cent of the world's population, positioning it as a competitive destination in the global luxury real estate market. The residential launch comes as Saudi Arabia continues its ambitious tourism development agenda, with Red Sea Global's projects playing a pivotal role in the kingdom's vision to create world-class destinations along its western coastline.
