SIBS to deliver another 1,300 apartments to NEOM

SIBS has been awarded a new contract to deliver an additional 1,300 apartments to a large-scale residential project in NEOM, a region in northwestern Saudi Arabia. SIBS is the sole supplier chosen for this project and this is the second order from NEOM in 4 months. This solidifies SIBS position in Saudi Arabia and globally as one of the world’s leading industrial producers of apartments. The first order of 2,174 apartments is already in production. 

The contract signed is a Design and Build Contract, which includes the design, production, logistics, assembly and finalization of 1,300 apartments spread across 22 buildings, totaling approximately 100,000 m2 GFA. The successful contract is attributed to SIBS’ business segment Industrial Sales where its delivery will be in the form of turn-key buildings. The entire project will be commissioned and delivered by Q4 in 2024.   

The buildings consist of one and two-bedroom high-standard apartments equipped with design kitchens, bathrooms, and balconies exclusive to each unit. Solar panels on the roofs and low-energy building materials, together with a modular building system ensures a 90% completion ahead of delivery to construction sites, making these buildings highly energy efficient. The buildings are adapted in detail to comply with NEOM’s stringent regulations and are designed for future relocation whenever needed as the development of NEOM progresses through other parts of the region.

SIBS CEO Erik Thomaeus said the Group is very proud to once again be awarded a contract of this magnitude and to receive orders of high-quality apartments of permanent standard that NEOM has awarded so far.

“We have already initiated the production of over 2,000 apartments in NEOM, and this new contract demonstrates our capacity to handle extensive and complex deliveries. It’s clear that our offering is appreciated in the market, and this is another confirmation that we possess the competence and delivery strengths that few others can match.

“We look forward to our continued delivery of high-quality houses to NEOM, a revolutionary urban development we truly believe in.

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