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Eye of Dubai
Business & Money | Sunday 14 April, 2024 10:19 am |
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Knowledge City signs 2 contracts worth SAR 288.6M for Al-Alya project

Knowledge Economic City Co. signed, on April 4, two contracts with ElKhereiji Commerce & Contracting Co. at a total value of SAR 288.63 million (Excluding VAT).

 

 

 

In two separate statements on Tadawul, the company said that the first contract is for implementing all contracting works for a group of additional four residential buildings providing 132 residential apartments of various sizes as part of the first phase of residential buildings of Al-Alya mixed-use Project at a value of SAR 117.5 million (Excluding VAT).

 

 

 

This brings the total number of residential buildings to 12 buildings, providing 396 apartments assigned to ElKhereiji within the first phase of the Al-Alya mixed-use project.

 

 

 

Meanwhile, the second contract is for the electromechanical, finishing, and landscaping works for a group of eight residential buildings providing 264 residential apartments of various sizes currently being implemented within the first phase of Al-Alya mixed-use project at a value of 171.3 million (Excluding VAT).

 

 

 

The first contract has a term of 24 months starting from the issuance of the construction permits, while the second has a term of 20 months from May 5, 2024.

 

 

 

The contractor’s dues will be paid in installments per monthly payment certificate based on work progress. Accordingly, the financial impact is represented in the cash outflow for the amount payable to the contractor over the period of the project for the first project and on a 20-month period starting from the end of May 2024 for the second project, the statement added, indicating that no related parties are included in the deals.

 

 

 

Al-Alya is one of the main projects in the Knowledge Economic City and represents a project with mixed-use components within a gated complex (compound) that combines hospitality, housing, offices, retail, and education services, which were designed to respond to the urban trend (humanizing cities) and the quality-of-life program that relies on green areas and pedestrian walkways to create a style and quality of life to meet the Kingdom’s ambitious vision “2030”. The project aims to enable local and foreign companies, businessmen, and digital entrepreneurs to work in Al Medina, the company noted.

 

 

 

The project is being developed in the area overlooking Safwan Street (which is 40 meters wide), on a 269,000 square meters development divided into plots of different sizes. It has been studied and designed according to the hierarchy of wide corridors and roads, which achieves many benefits in the package of main and secondary streets. In the middle of the project is a garden with an area of approximately 60,000 square meters, out of which a thousand linear meters separate pedestrian traffic from car traffic to encourage walking, including full access for people with special needs.

 

 

 

The project includes two groups of offices designed with flexible workspaces to encourage work and innovation. These areas are linked to hotels and residences overlooking a kilometer-long park, serviced apartments, and residences equipped with smart home technology. It is linked to other phases to form a continuous series of gardens, open spaces, and pedestrian paths within open artistic treatments of Islamic arts and heritage.

 

 

 

The project also includes a 4-star hotel with 130 room keys managed by the Hyatt International Group under the Hyatt Centric brand. It also includes 4-star hotel apartments with 420 apartments managed by the Hyatt International Group under the Hyatt House brand. Through the brand Hyatt House. It includes serviced apartments with a number of 420 apartments managed by the company, and residential apartments with approximately 1,000 apartments of various sizes that are available for sale to those wishing to enjoy distinguished housing within a closed and serviced complex, through the off-plan sales system under the supervision of the Economic Cities and Special Zones Authority (ECZA). The project also contains 70 connected villas, commercial spaces, a large mosque, and a nursery.

 

 

 

The concrete structure of 264 residential apartments is currently being executed by the contractor, ElKhereiji Commerce & Contracting, with the electromechanical, finishing, landscaping, and site work for the same units been assigned to the same contractor. With this subject contract of the 132 residential apartments, the total number of residential apartments will reach 396 apartments, which will be made available for sale through the off-plan sales system licensed by the ECZA. The site works for the hotel and hotel apartments area are ongoing, and contracting works are being arranged in preparation for the award.

 

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