“2021 has been one of our best years recently.”
What is your current view of the company and the sector right now?
The pandemic has had a positive impact on the market. During this time, many made changes to their living styles and gave greater thought to their needs. For example, there was a requirement for more space, whether for working, living, or playing. We saw an increase in demand for properties that took into consideration these requirements and needs. The real estate sector in KSA is extremely competitive, and for us it is imperative that we adapt quickly to meet our clients’ needs. All our projects have to be up to the standards and level expected by the market, and for this reason, we shifted our strategy. When we started the company in 2006, our product was the unit itself, either a house or apartment. Then, we shifted our product to the community. Now, we sell the lifestyle within the community. We ensure that people can work in their neighborhood. There is access to all the smart technologies, connectivity, and services required. Previously, when office spaces were important, we were trying to supply the best spaces in the area for restaurants and retail. Now, 50% of staff work remotely from home. There are a few major themes currently shifting the real estate sector in Saudi Arabia, including sustainability and digitalization. This is where our lifestyle product comes into effect. That includes everything from how you live, move, exercise, eat and drink, and play, and how you interact with others and within these spaces.
With that in mind, what is your perspective on building sustainably and focusing on promoting green spaces in your developments?
At a basic level, we are significantly increasing the amount of greenery visible throughout the developments so that within any area we are developing, inhabitants will see greenery throughout the neighborhood. We are also using locally sourced natural materials, which is important in order to represent the natural culture of the country. Vision 2030 also promotes a holistic lifestyle that leads to a more conscious environment overall. We want to cater to this as well, which is why our strategy is in line with Vision 2030. We want to always move in line with the government and global trends. Our priority is to develop within Saudi Arabia for the next five years. ALARGAN is specialized in conceptualizing and building innovative and sustainable real estate developments across the Middle East and North African region (MENA).
What are your goals and expectations for 2021 and 2022?
2021 has been one of our best years recently. The clarity and the support from the government was extremely important. There was governmental support for end users with lending and mortgages. The government also developed regulations for mortgages and building codes. It supported the development of the housing sector itself in Saudi Arabia. Our major priority in the next six months is to deliver our product on time to our customers. We have Green Oasis, a 700,000-sqm project in the northeastern part of Riyadh with around 2,500 units. The project is currently in stage one, where we will deliver 500 units within the next six months. We have already begun handing over some of the units, and there are currently inhabitants at the project. This is our flagship project at the moment. We hope to announce something soon in the 2Q or 3Q2022.