Raza launches leasing for Village Square community shopping centre in Riyadh

Raza, the real estate management arm of Saudi Public Pension Agency (PPA) and a subsidiary of Al Ra’idah Investment Company (RIC), announced today the commencement of leasing for Village Square, a new community plaza serving Digital City in Riyadh.

The retail destination offers 16 F&B and retail units, in addition to a supermarket, with a combined 8,000 m2 of commercial space.  The opening of the plaza is being timed to match the release of the first residential clusters in Digital City’s East Village community, a total of 2,100 units, which will house approximately 6,000 residents once fully leased. 

Village Square is located in the emerging Takhasoussi retail corridor at the intersection with Imam Saud Road.  It is well placed to capture demand from Digital City, as well as the Mohammedia, Annakheel. Muruj and Hitin districts.  It has pedestrian links to East Village and also Riyadh Public Transit service from Takhasoussi and Imam Saud Roads.

The Village Square public plaza and fountains will offer a pleasant outdoor meeting place for the local communities, whilst serving as a platform for events. Plaza spaces and terraces will create a number of opportunities for outdoor dining. 

Commenting on the opening of Village Square, Naif Al Humaid, Commercial Director of Riyadh and Eastern Province, Raza, said: “The opening of our first community shopping centre underlines our strong commitment to further transform the Saudi real estate sector, which has a huge potential to develop high quality managed communities.” 

“We look forward to working with our retail partners to deliver an attractive destination that will add value to our residents and the surrounding neighborhoods.  As we press ahead with our expansion plan, the next few months will see us unveiling more exciting projects that are redefining the way Saudis work, live and play.”