Riyadh – Mubasher: Knowledge Economic City announced updated sales figures for its Al Alia project, a major mixed-use development in Madinah, according to a bourse disclosure.
The company reported that 351 residential units have been sold under the off-plan sales and leasing regulations, generating a total sales value of SAR 520.67 million.
In addition to confirmed sales, the company has secured reservations for 231 units from non-Saudi customers, valued at SAR 547.65 million.
These international buyers have already provided down payments, signaling strong demand for the integrated urban compound.
The Al-Alia project comprises 1,420 residential units in total. Currently, 1,052 units have received off-plan sales licenses, while procedures are underway to secure licenses for the remaining 368 units.
Following the recent sales and reservations, 470 units remain available for immediate sale, with 838 units outstanding across the entire project. The development also includes 70 luxury villas currently being prepared for contractor bidding.
Spanning 269,000 square meters, the project features a 150-room Hyatt Centric hotel and 480 branded apartments under the Hyatt House label.
Financial impact from these sales will be recognized in the company's financial statements according to IFRS standards once accounting and regulatory conditions are met.
The group recently rolled out a development agreement amounting to SAR 1.35 billion with Al Rashid Real Estate to develop the Al Multaqa Residence project in Madinah.
