EWAAN’S PARTICIPATION IN RESTATEX HIGHLIGHTS EXPANSION INTO RIYADH RESIDENTIAL REAL ESTATE MARKET

Leading property developer will showcase Alfareeda and Almayaar residential real estate projects.

Ewaan Global Residential Company, one of the leading real estate development companies in the Kingdom of Saudi Arabia, is Gold Sponsor of the Riyadh Real Estate, Housing and Urban Development Exhibition (RESTATEX) which will be held April 27 – 30, 2014 at Riyadh International Convention and Exhibition Center.

 At RESTATEX, Ewaan will showcase its flagship project Alfareeda, the hugely successful real estate development project in the north of Jeddah, and its latest project Almayaar located adjacent to Alfareeda. In addition the company is announcing its expansion into the Riyadh market.

 Commenting, Mr. Riyadh Al Thagafi, CEO of Ewaan Global Residential Company, said: “We are delighted to be participating in RESTATEX as Gold Sponsor and look forward to connecting with customers and welcoming them to our booth where they will learn about the tremendous advances we have made in raising the level of residential real estate development in the kingdom to the highest international standards.

 “Following the success of Alfareeda we are now expanding our development activities to Riyadh where we see a promising market with great potential and where we have already acquired a land on which to build residential units which will be announced later on”

 “The main challenge facing Ewaan and any developer is to structure the right product for the right price, while another issue facing real estate companies is the availability of skilled labor and increasing costs,” added Al Thagafi. “Keeping prices affordable is the key to success and I can confidently say that Ewaan has achieved this at Alfareeda where we have exceeded the owners’ highest expectations in the quality of the construction and finishing, while fulfilling our promise to deliver affordable housing supported by a world class infrastructure and service facilities in an idyllic setting of tranquility and beauty.”

 A model of modern town planning, Alfareeda, the largest residential project in the kingdom, has been specifically designed to create an elevated lifestyle environment for the middle income class in response to the call of the Custodian of the Two Holy Mosques and his government for the private sector to play a leading role in meeting the ever growing demand for affordable home ownership by Saudi citizens.  Following the great success of Alfareeda in Jeddah and growing expertise the company gained from the project, Ewaan is planning to launch a similar mega residential project in Riyadh.

 Alfareeda is being developed phase by phase, with each phase a sellout as soon as the units go on the market. The first three phases comprising of 1,200 units have been sold out. Construction work in Phase One is more than 80% complete including infrastructure facilities such as roads, lights, water treatment plant, power station and mosque. The first residential units are currently in the process of hand over, while the community center designs are now finalized and work will commence very soon.

 Phase four, the final stage of Alfareeda comprising of 500 units, will be launched later this year.

 Ewaan’s second project north of Jeddah is Almayaar, which will be constructed on a site next to Alfareeda and is designed to offer alternative affordable residential apartments for small families.  The master plan for Almayaar is now ready after going through a series of improvements increasing the green areas in the project for a modern lifestyle living. The project will be launched soon.

 Now in its 16th year, the Riyadh Real Estate, Housing & Urban Development Exhibition & Forum is the largest annual real estate event for investors and buyers in Saudi Arabia and expects to receive 50,000 visitors. The event is under official patronage represented by the Ministry of Housing and the Ministry of Industry and Trade. In addition, RESTATEX includes official participation by the Riyadh Development Authority and Riyadh Municipality, while Riyadh Chamber of Commerce and Industry is a strategic partner.