Kingdom completes $66m Saudi land sale
Riyadh, October 8, 2012
Kingdom Holding Company (KHC), the investment vehicle of Saudi Prince Alwaleed bin Talal, has inked a deal with Jeddah-based Subul Development Company for the sale of a part of its Kingdom Riyadh Land project for SR250 million ($66.5 million).
The 16.8 million square metres Kingdom Riyadh Land site is strategically located on the Riyadh-Dammam highway in the north eastern outskirts of the city.
Once developed, the Riyadh land will be a mixed use residential and commercial development, in addition to a private leisure and equestrian club, with serviced bungalows and sports and other leisure facilities which are expected to be managed by Fairmont Hotels and Resorts.
Plans exist for the government to build a highway linking the south western end of this development to the nearby King Khalid International Airport.
As per KHC estimates, the total investment potential that will be generated by this project will be in excess of SR20 billion. KHC believes that this development could house up to 75,000 people.
The area, located east of Riyadh, has been set aside to be completed by other developers, said a statement from KHC.
Confirming the deal, Prince Alwaleed said, "The estimated profit from the land sale is SR143.7 million."
On February 9, 2011, KHC had announced that Omrania & Associates had been awarded the contract for the master planning and infrastructure design for “Kingdom Oasis Riyadh Land,” said the KHC statement.
The contract includes conducting traffic and environmental impact studies, as well as other studies required to complement and complete the Master Plan.
Omrania will also serve in the role of local master planner, including liaising with local authorities. In addition, they will be carrying out the supervision of the infrastructure work on site expected to commence shortly, it added.
Hart Howerton (HH) was awarded the design of the master plan for the 3.8-million-sq m “Kingdom Oasis Riyadh Land” at the eastern side of the land, said the statement.
As part of their work, HH will produce concept architectural studies for the hotel, Gentleman’s Retreat, Women’s Spa and Branded Villas. Kingdom Oasis will also include a second Four Seasons Hotel and Resort in Riyadh.
The hotel will be taking advantage of a 75,000 sq m man-made lake with a magnificent waterfront and lush green areas surrounding it. The design will have its roots in the Arab architectural tradition, with more relaxed elements in a Mediterranean resort style, the KHC statement added.-TradeArabia News Service