In a bid to reshape the residential landscape in Saudi Arabia, Alfanar Global Development has announced that it will inject $2.7 billion to develop five residential communities in NEOM, the smart city currently under construction in the Kingdom. The announcement from Alfanar comes following an array of agreements inked by NEOM with investors for the first-phase construction of its residential communities to accommodate the growing workforce in the region. Earlier this month, NEOM revealed that it had finalized contracts worth $5.6 billion to develop these residential communities, and Alfanar was one of the preferred bidders. The company revealed that the scope of the contract includes the development, construction and operation of these residential communities within NEOM. The five residential communities will cover 4 million sq. meters and accommodate 50,000 occupants upon completion. These temporary residential projects, used by the workforce during the construction period of the futuristic city, will be built sustainably as relocatable modular units which can be repurposed once the communities are no longer needed. They will include many lifestyle facilities, such as multi-purpose sports fields, cricket ovals, tennis courts, volleyball courts, basketball courts, swimming pools and entertainment venues. (ICE RIYADH)

Fonte notizia: Arab news