RIYADH: Red Sea Global, in cooperation with several banks, is moving toward offering mortgage services and accessible financing solutions for buyers seeking to own residential units within the destinations it is developing along the Red Sea coast, according to the company’s Head of Development, Stephen Cheesebrough.
Speaking to Al-Eqtisadiah on the sidelines of the Cityscape Global exhibition, Cheesebrough said the move comes in response to growing demand from buyers. He noted that some banks already offer financing programs for purchasing real estate, while the company is working on developing additional solutions tailored specifically for unit owners on Laheq Island.
He said Red Sea Global continues to expand its residential portfolio, adding that the AMAALA destination includes 348 residential units, of which 86 have been officially launched to date.
Cheesebrough added that the company is currently focusing on three major projects: Shura Island, which includes about 300 villas associated with international brands; Laheq Island, which comprises 750 residential units and is expected to be completed within the next three to four years; and the luxury villas located within AMAALA.
Residential unit prices
Residential offerings on Shura and Laheq Islands range from modern apartments to luxury villas, some of which are affiliated with international hospitality brands such as Four Seasons, Rosewood, and Six Senses.
According to Cheesebrough, apartment prices on both islands start at SR6 million ($1.6 million) and reach up to SR20 million. Villa prices on Shura Island range from SR8 million to SR60 million, depending on location and specifications.
On Laheq Island, villa ownership begins at SR18 million and peaks at SR150 million, with an average price of about SR34 million. AMAALA also features a single, ultra-luxury villa priced at SR400 million.
Sustainable investment opportunities
Cheesebrough said this represents a historic milestone, marking the first time freehold ownership of residential properties is being offered on islands in the Red Sea. He added that if the units are affiliated with a hotel brand and included in the leasing program, owners will have an opportunity to achieve strong investment returns by renting out their assets.
He emphasized the project’s environmental leadership, noting that the destination operates entirely on a renewable energy system independent of the national grid. He said no other project of this scale globally is operated in this way, supported by the company’s ownership of one of the world’s largest battery storage facilities.
Cheesebrough also stressed that assessment processes follow strict standards to ensure the company meets its sustainability commitments, most notably achieving a 30 percent net increase in biodiversity value by 2040.
