New Launch - India Real Estate Report 2026.
Saudi-based Hamad Mohammed Bin Saedan Real Estate has announced that it has awarded a SAR19.78 million ($5.2 million) contract for the construction of its prime project, HS Residences 2, in Al Arid District in Riyadh, to Abaad Almamar Contracting Company.
The award formalises the next stage of the project, moving it from planning into active construction.
60 units on 6,030 sqm in Al Arid District
Spanning a 6,030 sqm area, the HS Residences 2 project features 60 modern residential units along with key amenities, the company said in its filing to the Saudi bourse Tadawul.
The scale of the site and unit count position it as a mid-sized residential development within the broader Al Arid District.
Also Read: RCRC Completes 456 Sq Km Master Plan for Northeast Riyadh
Part of a broader residential portfolio strategy
HS Residences 2 is part of Hamad Mohammed Bin Saedan Real Estate Company's wider residential portfolio.
It features homes designed with a focus on quality, privacy and efficient use of space, catering to the needs of a diverse range of buyers.
The company said the project reflects its commitment to developing sustainable residential communities in emerging areas, positioning the development as part of a longer-term strategy rather than a standalone project.
This approach suggests the company is building out a consistent design and development philosophy across multiple sites rather than treating each project in isolation.
Also Read: Senaat's Zodcon Wins SAR232.7m Makkah Mall MEP Deal
Second contract follows Dar Hamad 3 project award
The HS Residences 2 award comes close on the heels of Hamad Mohammed Bin Saedan Real Estate awarding a SAR13.7 million contract for the Dar Hamad 3 Residential Units Project in Namar Suburb.
As per that deal, Raya Al Omran will be responsible for the construction of 32 residential units, which will come up on a 9,600 sqm area. Together, the two contracts point to the company actively expanding its residential development pipeline across different districts of Riyadh, with construction on both projects now moving forward in parallel under separate contracting firms.
Enjoyed this update? Visit PropTech Pulse for more real estate news, investment insights and property market trends.
