Friday 22 Nov
The National Housing Company (NHC) and Saudi Arabia's Talaat Mostafa Group (TMG) have laid the foundation stone for the "Banan City" project northeast of Riyadh. Sales for the project will officially open next Wednesday, May 15, 2024.
The announcement was made at the project site in the presence of distinguished guests, including:
-Chairman of the Board of Directors, NHC, Mr. Ihab bin Ghazi Al-Hashani
-CEO, NHC, Mr. Mohammed bin Saleh Al-Batty
-Chairman of the Board of Directors, TMG - Saudi Arabia, Mr. Hisham Talaat Mostafa
-Vice Chairman of the Board of Directors, TMG - Saudi Arabia, Mr. Suleiman bin Abdul Qader Al-Mahidib
and a number of members of the Board of Directors and senior officials of the two companies.
Hisham Talaat Mostafa, Chairman of the Board of Directors of TMG for Real Estate Development in Saudi Arabia, affirmed that Banan City is a smart city built on a 10-million square meters northeast of Riyadh. This innovative project will offer an unparalleled quality of life for over 120,000 residents within a gated community. Banan City seamlessly integrates cutting-edge smart technologies with the utmost privacy for residents, all while adhering to the latest sustainability standards.
He added that Banan City will be a multi-use development offering a new model of integrated living. It will feature healthcare, education, and commercial services, alongside a social sports club, quality-of-life amenities, smart homes, and cutting-edge smart technologies for city management. This is designed to foster a vibrant community and a new model of integrated life, aligned with Saudi Arabia's Vision 2030 for comprehensive development.
Hisham Talaat revealed the project's financials: an estimated total revenue of 40 billion Saudi riyals (US$12 billion) with a total investment cost of 31.4 billion Saudi riyals. He pointed out that Banan City itself will be a comprehensive city, modelled after TMG's successful Egyptian projects like Madinaty which is built on a massive 33 million square meters, the epitome of integrated service cities.
Banan City is an integrated service, residential, smart city that extends over 10 million square meters, of which 40% is vast open green spaces. It enjoys a distinguished strategic location northeast of Riyadh, as it boasts convenient access to King Khalid International Airport and the upcoming Riyadh Expo 2030, within the scope of the northeastern urban expansion of the capital Riyadh.
Banan City caters to diverse living styles with over 27,000 residences, including apartments, villas, and lands for family-housing. Representing a new product in the Saudi market with a range of sizes and competitive prices, owning becomes a smarter and economical choice than renting.
Banan City is distinguished by its sprawling green spaces and its organic planning style, which provide the utmost privacy for units and villas with different viewing angles. It is also distinguished by a unique grouping style for the green spaces that lie between the villas, ensuring every street corner offers a picturesque scene.
The public services in Banan City have been carefully distributed. Daily essentials are easily accessible, located within the green axis that separates apartment areas from villas. Four service centres dot the outskirts, offering various types of schools alongside essential services like a police station, a fire station, an ambulance, and a post office.
It is worth noting that NHC is the leading company for the Saudi Arabia's real estate development sector and the largest master developer of suburbs and residential communities. They specialize in crafting high-quality communities and aim to increase the real estate supply in the Kingdom with diverse housing options at attainable prices that match purchasing power. This aligns perfectly with Vision 2030's housing program, aiming to raise homeownership for Saudi families to 70%.
For over 50 years, TMG has been a powerhouse in Egyptian and Middle Eastern development. It developed fully-integrated cities offering all essential services. TMG has built landmarks like Rehab City built on an area of 10 million square meters (Egypt's first private-sector fully-serviced city) and Madinaty, the most comprehensive serviced city globally. Now, with Noor City in Capital Gardens (spanning 21 million square meters), TMG is leading the way in integrated smart cities development.
