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Albayt for Real Estate Development LLC announced a plan to go public next year, after completing the required regulatory procedures. The company will float 30% of shares, or SAR 150 million ($40 million) of the SAR 500 million ($133 million) capital to nationals.
Albayt is completing above SAR 1 billion ($266 million) projects in housing and office sectors.
GM, Eng. Abdul Rahman Al-Rawaf, told Asharq Al-Awsat that KSA is one of the most populous and high-growth countries, which requires the public and private sectors to solve the expected increasing demand for residential and office units.
Al-Rawaf announced that going public will help the company expand projects, after executing many state-of-the-art ones for both sectors at a record time. The realty developer is seeking to stretch in KSA's Eastern and Western Provinces.
"Riyadh has marked the highest demand for such units. Thus, Albayt starts establishing residential and office units according to well-planned studies," said the GM. The company raised capital to SAR 500 million, through the profit made before the next year's public subscription, he added.
The company achieved success in Riyadh through executing over 65 ventures, costing above SAR 1 billion. Such projects provided more than 1500 units across the capital, delivering fast solutions for one of the Arab world's largest-growing cities.
Al-Rawaf indicated that all projects were sold in cash or by ownership system, arranged by financing banks. He added that the developer has sought to meet all demands through building different residential units; a 400-villa compound in King Abdullah District. Actual execution has started in 50 villas only, in addition to separate apartments for ownership.
Albayt is carrying out above SAR 1 billion ($26 million) construction projects, that will provide approx. 3000 residential and office units. Albayt Project 17, consisting of 161 residential units, at Al-Nada district is under construction. Also, the 20.000 sq-m Project 8 that comprises 230 apartments in northern Riyadh and Project 3 that includes 116 units at Al-Waha district are in the pipe line, Al-Rawaf said.
The company awarded the 5.000 sq-m Project 19 construction contract to start building a 10-storey office tower, on King Abdul Aziz St. "Old Airport". The tower includes a ground floor for showrooms and nine 31.000 sq-m stories, as well as an underground parking.
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