The Riyadh residential project Dar Hamad 3 is moving into construction after Hamad Bin Saedan Real Estate signed a SAR13.76 million ($3.66 million) contract with Raya Al Omran Contracting Company. The turnkey agreement covers the construction of 32 residential units on a 9,600-square-metre site in Riyadh’s Namar district. With a 10-month construction period, the development is expected to support the company’s revenue and profitability through the eventual sale of the completed homes.
Key Overview
Hamad Mohammed Bin Saedan Real Estate Company signed the construction agreement on August 23, 2026, following the project award announced in July. The SAR13.76 million contract excludes VAT and involves no related parties. Dar Hamad 3 will provide 32 modern residential units, with the company expecting the project’s financial contribution to begin appearing in its results from the fourth quarter of 2027.
Hamad Bin Saedan Signs Contract for Dar Hamad 3
Hamad Bin Saedan Real Estate has signed a SAR13.76 million construction contract for the development of its Dar Hamad 3 residential project in Riyadh.
The agreement was signed with Raya Al Omran Contracting Company on August 23 and covers the turnkey construction of residential properties on a 9,600-square-metre site in the Namar district.
The contract value is equivalent to approximately $3.66 million and excludes value-added tax.
The agreement follows Hamad Bin Saedan Real Estate’s July 21 announcement that Raya Al Omran had been awarded the project. The developer confirmed that there are no related parties involved in the transaction.
Riyadh Residential Project to Deliver 32 Units
The residential development will comprise 32 housing units designed to meet demand within Riyadh’s expanding property market.
Hamad Bin Saedan Real Estate said the development will focus on modern design, quality, privacy and efficient utilisation of residential space.
The project forms part of the company’s wider residential property portfolio and strengthens its exposure to the Riyadh real estate market.
The Namar district has become one of the areas participating in Riyadh’s broader residential expansion as development extends across the Saudi capital.
For Hamad Bin Saedan, Dar Hamad 3 provides an opportunity to convert its development pipeline into residential properties that can ultimately generate revenue through sales.
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Construction Scheduled for 10 Months
Under the construction contract, Raya Al Omran will undertake the turnkey development of the 32 residential units.
Construction is expected to take approximately 10 months, giving the project a relatively defined implementation schedule.
A turnkey arrangement generally places responsibility for completing the agreed construction works with the contractor before the finished development is handed over to the developer.
Keeping the development within its planned timetable will be important because delays or higher construction expenses could affect expected returns.
The relatively compact scale of the project, however, gives Hamad Bin Saedan an opportunity to deliver additional housing supply without the extended timelines associated with significantly larger developments.
Dar Hamad 3 Expected to Support Profitability
Hamad Bin Saedan expects the housing project to positively affect its financial performance.
According to the company, revenue growth and returns are expected to come from the development and subsequent sale of the residential units.
The financial impact is projected to begin appearing in the company’s financial statements during Q4 2027, consistent with the implementation and sales schedule.
This means the SAR13.76 million contract represents an investment in future inventory rather than an immediate boost to earnings.
Actual profitability will ultimately depend on factors including construction costs, completion timing, residential selling prices and buyer demand when the properties enter the market.
Riyadh Housing Development Remains Important
The project comes amid continued development activity across the Saudi housing sector, particularly in Riyadh.
Population growth, urban expansion and investment in new infrastructure have increased the importance of expanding residential supply across different segments of the capital’s property market.
Developers are responding with projects ranging from large master-planned communities to smaller residential developments such as Dar Hamad 3.
For investors and developers, Riyadh’s expansion creates opportunities but also increases competition. The success of individual developments therefore depends not simply on building additional homes but on delivering properties that match buyer expectations on location, design, quality and price.
What Dar Hamad 3 Means for Hamad Bin Saedan
Dar Hamad 3 adds another project to Hamad Bin Saedan’s property development pipeline while creating a defined route towards future revenue.
The SAR13.76 million investment is modest compared with Riyadh’s largest residential developments, but its importance lies in the potential returns generated from completing and selling the 32 units.
The development also demonstrates how smaller residential projects are participating in the broader expansion of the Saudi real estate market.
With the construction contract now signed, attention will shift toward execution over the 10-month development period and the eventual sale of the completed properties.
FAQs
What is the Dar Hamad 3 Riyadh residential project?
Dar Hamad 3 is a residential development by Hamad Mohammed Bin Saedan Real Estate Company in Riyadh’s Namar district. The project will comprise 32 modern residential units constructed on a 9,600-square-metre site.
How much is the Dar Hamad 3 construction contract worth?
The construction contract is valued at SAR13.76 million, equivalent to approximately $3.66 million, excluding VAT. Raya Al Omran Contracting Company has been appointed to undertake the turnkey construction work.
How long will construction of Dar Hamad 3 take?
The construction period is scheduled to last 10 months. The contract covers the turnkey development of all 32 residential units included in the project.
How will the Riyadh residential project affect Hamad Bin Saedan?
Hamad Bin Saedan expects Dar Hamad 3 to contribute positively to profitability through revenue and returns generated from developing and selling the residential units. The financial impact is expected to begin appearing in the company’s results in Q4 2027.
Sources: Zawya, Mep Middle East, Argaam, Construction Week
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