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Saudi Real Estate Company (Al Akaria) has announced that the restriction on one of its land plots in North Riyadh has been lifted, allowing the company to move ahead with evaluating development opportunities for the site. The land has a book value of SAR 98.4 million. Following the removal of the restriction, the company said it is assessing the most suitable use for the property in line with its business strategy. The development comes as Saudi Arabia continues to see strong real estate activity driven by large-scale urban and infrastructure projects under Vision 2030.
Saudi Real Estate Company (Al Akaria) has announced that the restriction imposed on one of its land plots located in North Riyadh has been lifted, enabling the company to move forward with plans for the property.
The company said the land has a book value of SAR 98.4 million. Following the removal of the restriction, it is currently assessing the most suitable and commercially viable use of the land before taking any further development decisions.
Al Akaria did not disclose the nature of the restriction or specify the type of project that may be developed on the site. It indicated that an evaluation process is underway to determine the optimal use of the land in line with its long-term business objectives.
The development comes at a time when Riyadh's real estate market continues to witness significant investment activity, supported by the Saudi government's Vision 2030 programme. The capital is undergoing large-scale urban expansion through residential, commercial and mixed-use developments, creating opportunities for developers to unlock the value of strategically located land assets.
Al Akaria, one of Saudi Arabia's established real estate developers, has been involved in residential, commercial and infrastructure-related projects across the Kingdom. The latest announcement gives the company greater flexibility to evaluate future development plans for the North Riyadh asset as market demand continues to evolve.
Source Reuters
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