Ewaan Global Residential Company, a leading real estate development firm in Saudi Arabia, is backing the ongoing Riyadh Real Estate, Housing and Urban Development Exhibition (Restatex) as a Gold Sponsor.

The expo opened on April 27 and will end tomorrow (April 30) at Riyadh International Convention and Exhibition Center.

At Restatex, Ewaan will showcase its flagship project Alfareeda, a real estate development project in the north of Jeddah, and its latest project Almayaar located adjacent to Alfareeda.

Riyadh Al Thagafi, CEO of Ewaan Global Residential Company, said: “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.

“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,” he added.

A model of modern town planning, Alfareeda has been specifically designed to create an elevated lifestyle environment for the middle income class. 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 per cent 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, a statement said.

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. – TradeArabia News Service