Developed by “Kanan”
“Inma’iya” and ”Diyar” Sign Real Estate Development Contract
Riyadh—Amlak
Inma’iya Real Estate, Tourism, and Investment Development Company, headquartered in Riyadh, has signed a contract with Diyar Al-Mashriq Real Estate Development Company, under which Inma’iya will invest in and develop a number of plots of land within the Masharef project in northern Jeddah, which is being developed by Kanan Real Estate Company.
Inma’iya is a closed-end Saudi joint-stock company established in 2005 with a capital of 1.1 billion riyals; it owns a number of shopping centers operating in several Saudi cities.
Inma’iya has adopted a new strategy focused on investment in residential real estate development. This investment involves the development of several plots of land within the Masharef project in Jeddah to implement Inma’iya Real Estate’s first residential projects.
The Masharef project is located in Jeddah near the city’s two main roads, Al-Haramain Road and Al-Madinah Road. It is also close to King Abdullah Sports City, and King Abdulaziz International Airport is only about 15 minutes away from the project site. It is only about 12 minutes away from King Abdulaziz University (North Jeddah Branch) is only about 12 minutes away, and it is also just minutes from North Jeddah Hospital and the New Specialized Hospital.
The project is situated on a plot of land spanning approximately one million square meters and is being developed by Kanan Company. It offers several types of villas that vary in size and style. The project comprises 464 villas divided into several phases; the first phase has been delivered, the second phase is currently under construction, and the third phase is being sold off-plan.
Mr. Munir bin Ali Al-Shahri, CEO of Inma’i Development Company, stated that the company will construct approximately 70 villas with diverse designs, taking into account aesthetic harmony with the entire project and its location, as well as the target demographic. The land area, building area, and interior floor space were determined following in-depth market studies to identify the precise requirements of the target demographic. The prices of the units offered for sale have also been set at competitive rates for the middle class.