Azure unveils new luxury living development in Riyadh
Held in strategic collaboration between Mohammed Al Habib Real Estate, and SAB Invest, the occasion brings together leading expertise in development, real estate investment, and master planning.
The project is part of SAB Invest's wider SAR3 billion ($816 million) local real estate strategy, yielding an impressive 19% internal rate of return (IRR) for the fund's investors.
Together, both entities reinforce their shared commitment to delivering distinctive, high-impact communities.
The unveiling follows SAB Invest's successful divestment of Lamara residential project, acquired in partnership with Mohammed Al Habib Real Estate at a total investment of SAR268 million.
The milestone also marks the beginning of a high-frequency rollout strategy, with Azure set to launch multiple projects per quarter as part of a broader vision to manage up to 20,000 residential units in Riyadh by 2030.
Backed by Mohammed Al Habib Real Estate's legacy of over 50 completed projects across 10 cities, Azure currently serves over 13,680 residents across 12 compounds and 3,639 residential units.
Azure Lamara builds on this momentum to Riyadh's evolving residential landscape with developments that aim to redefine lifestyle-centric urban living, said a top official.
"Lamara is just the beginning. As Azure expands its footprint across Riyadh, we are creating vibrant, high-quality communities that align with Vision 2030," remarked its CEO Abdullah Al Habib.
"Leveraging our expertise in pioneering strategic master plans and unique urban developments, we remain dedicated to crafting neighborhoods that truly reflect and elevate the way people live and connect," he stated.
Azure President Fahad Al Assaf said: "This launch reflects our broader mission to create thoughtful urban environments. Drawing on the heritage and development expertise of our parent company, we aim to deliver spaces that inspire the seamless integration of connection, wellbeing, and enduring value."
By prioritizing services tailored to the needs of a broad resident community, Azure fosters a welcoming environment that aligns with today's globally minded population, he stated.
SAB Invest Managing Director and CEO Ali Al Mansour said: "Our collaboration with Mohammed Al Habib Real Estate reflects our commitment to backing high-quality developments that deliver both strong returns and long-term value to investors. Our success with Azure Lamara project is a testament to this strategy, and we are proud to see that momentum continue with the Lamara launch."
"With a growing portfolio of high-performing residential and mixed-use assets across the Kingdom, SAB Invest brings investment scale and efficiency to a development strategy rooted in long-term value creation. This collaboration reflects a forward-looking approach to real estate that blends financial discipline with community impact," he added.
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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