RIYADH: The Saudi Real Estate Co., also known as Al Akaria, recently announced the signing of a lease agreement for the Amsa Vue Residential Compound in Riyadh with Amsa Hospitality, with the total value of the project estimated at around SR1.2 billion ($320 million). 

Spread across 20 years, the cost reflects the long-term nature of the investment and its focus on value, sustainability, and operational quality.

The project, located in Riyadh Diplomatic Quarters, spans approximately 40,000 sq. meters and includes 240 modern residential units, comprising 176 apartments and 64 villas and townhouses.

Acting CEO of Al Akaria Khalid Al-Sehaibany stated that the project embodies the company’s approach to developing residential communities that focus on an integrated experience built on quality planning and comprehensive facilities, elevating the standard of living in Riyadh.

CEO of Amsa Hospitality Muin Serhan told Arab News that the core philosophy behind the project is to create a space that focuses both on individuals and community values. 

Serhan pointed out that this strategy is central to a broader ambition to redefine hospitality in Saudi Arabia by embedding the hallmark of Arabian hospitality into the brand’s identity.

“We have a certain commitment to deliver to the community and to the project in particular. Year on year, we're adding value to the landlord and the owners of the assets,” he said. 

He outlined a clear vision for the company’s legacy, aiming to set a new standard for hospitality management in the region. The goal, he said, is to be the go-to partner for developers and asset owners seeking to integrate hospitality elements into their projects.

Serhan confirmed that this vision is currently being brought to life through close collaboration with contractors and designers. 

He emphasized that the process is a “moving journey,” where the designer, the brand, and the location converge to create a product that truly reflects the local narrative.