Knowledge City: SAR 520 Million Contractual Sales in Al Ulya Project and Bookings from Non-Saudi Customers Worth SAR 547 Million

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Knowledge Economic City announced updates on sales of residential units in Al Ulya project - one of the multi-use projects developed by the company within the Knowledge Economic City master plan in Madinah - with actual contractual sales exceeding SAR 520 million, in addition to reservations of residential units from non-Saudi customers worth over SAR 547 million.

In a statement on Tadawul, it added that advance purchase payments have been received from these customers, indicating continued increasing demand for the project. The details of the units and sales are as follows:

Sales Details in Al Ulya Project

Total number of residential units

1,420 residential units.

Number of units with off-plan sales license and available for sale

1,052 residential units.

Number of units currently completing procedures for issuing off-plan sales licenses

368 residential units.

Number of units sold and meeting sales procedures under the Off-Plan Real Estate Projects Sales and Lease System

351 residential units

Value of sales of units sold and meeting sales procedures under the Off-Plan Real Estate Projects Sales and Lease System

SAR 520.67 million

Number of units reserved by non-Saudi customers awaiting completion of contracting procedures

231 residential units

Value of units reserved by non-Saudi customers awaiting completion of contracting procedures

SAR 547.65 million

Number of residential units currently available for sale after excluding sold and reserved units

470 residential units.

Total number of remaining units for sale from the entire project

838 residential units

It added that the project includes 70 premium residential villas, with procedures currently underway to offer them to execution contractors.

It explained that the financial impact of sales will be recognized in the company’s financial statements in accordance with International Financial Reporting Standards (IFRS) upon meeting the conditions for accounting recognition and the terms of the Off-Plan Real Estate Projects Sales and Lease System.

It stated that Al Ulya is one of the strategic multi-use projects developed by Knowledge Economic City within its master plan in Madinah. It is being developed as an integrated gated residential compound (Compound) according to the latest concepts of urban planning and humanization of cities, in line with the Quality of Life Program and Saudi Vision 2030. The project is located on a plot of approximately 269,000 square meters in the area overlooking Safwan Street with a width of 40 meters. Its design aims to create an integrated urban environment relying on green spaces and pedestrian pathways.

Over 72,000 square meters have been allocated for open areas, gardens, and pathways. The road and pathway network has been designed in a hierarchical sequence to ensure smooth traffic flow, with separation of pedestrian and vehicle movement, and full accessibility for people with special needs, providing a modern, safe, and attractive residential environment.

It added that the project includes an integrated system of residential, commercial, and service uses, in addition to a hotel, hotel apartments, commercial areas, administrative offices, a mosque, a nursery, and an educational complex (Riyadh Schools), providing an integrated community that meets the needs of residents and visitors and enhances quality of life within the project.

In the context of enhancing the hotel component, the company signed agreements with Hyatt International Group to operate the hotel under the Hyatt Centric brand with 150 hotel rooms, in addition to managing and operating 480 hotel apartments under the Hyatt House brand, reinforcing the project’s position as an integrated destination.

It pointed out that the continued demand for residential units reflects the project’s attractiveness and strategic location, aligning with the company’s strategy to develop high-quality projects that maximize asset value and enhance revenues and liquidity, supporting sustainable growth and maximizing shareholder value. The sustained interest from non-Saudi customers in reserving and owning residential units in the project also reflects the attractiveness of the investment environment in the Kingdom and the development of regulatory legislation supporting investment, in line with Saudi Vision 2030’s objectives to promote high-quality investments and develop the real estate sector.

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