King Salman Energy Park (SPARK), the leading industrial ecosystem dedicated to the energy sector, and Affordable House Co., a subsidiary of A.M. Bin Saedan & Sons Real Estate Group, announced the development at SPARK of residential complexes with an investment of $150 millions.
This comes following the signing of agreements between Eng. Saif Al Qahtani, President and CEO of SPARK, and Mohammed Bin Saedan, board member of Bin Saedan.
Spanning on an area of 30,000m2, the residential complex will be developed in two phases with construction of first phase to be completed in 2025.
It will offer a wide range of fully furnished long-term accommodation to residents.
The development will incorporate sustainable construction technologies, smart systems and eco-friendly materials such as green concrete, and solar panels. This aims to minimize SPARK’s carbon footprint and impact on the environment, in line with the Saudi Green Initiative.
SPARK and Bin Saedan also broke ground on a new state-of-the-art workers village following an agreement signed earlier during 2022.
The workers village will be built in three phases over an area of 110,000m2 with the first phase to be completed in 2025. The development will have a capacity of over 8,000 beds and will include a complete range of amenities.
Commenting on the occasion, Eng. Saif Al Qahtani, President and CEO of SPARK said: “We are delighted to partner with Bin Saedan to build a residential complex and workers village at SPARK. This partnership reinforces our commitment to create an environment where residents can work, play and live. It will allow tenants to safely lodge their employees in amenities that offer the highest quality of services, elevating the investor experience at SPARK.”
Mohammed Abdullah Bin Saedan, board member of Bin Saedan added: “We are proud to partner with SPARK to develop the infrastructure needed for a dynamic community where residents can live a healthy and happy lifestyle. Our experience in the Kingdom spans nearly a century with several flagship innovative projects. This partnership marks a milestone for our company as we aim to accelerate our expansion in the Eastern Province. We are committed to making this project the first of its kind in the kingdom and the region.”
