Al Basateen, a leading Saudi real estate developer, has unveiled its most ambitious project yet, Kings’ Square, at Cityscape Global, which concludes tomorrow in Riyadh.
The SAR2-billion ($582.3 million) mixed-use development is strategically located on a 35,000 sq m plot at the intersection of King Fahd Road and King Salman Road in the Saudi capital and offers a blend of residential, retail, F&B, and commercial spaces.
Speaking to Gulf Construction, Eng Ibrahim AlKharji, Deputy CEO of Al Basateen, highlighted the project's unique selling points, including its prime location, diverse offerings, and commitment to sustainability.
“Kings’ Square is a truly transformational project for Riyadh,” said AlKharji. “Located in one of the most vibrant areas of modern Riyadh, it will serve as the northern gateway to the city. Its strategic location at the nexus of two of Riyadh’s most important roads means that it is closely connected to the capital’s downtown and commercial hearts.
“Just 15 minutes from King Khalid International Airport, a mere 10 minutes’ drive from the heart of Riyadh, and directly opposite the forthcoming Avenues Mall, Kings’ Square will create a dynamic new ecosystem of corporate headquarters, commercial enterprises, and upscale amenities,” he added.
Kings’ Square comprises a cluster of 12 towers with a built-up area of 240,000 sq m, comprising 91,550 sq m of office space, 29,960 sq m of residential area and the remaining retail, F&B facilities and basement parking.
"This mixed-use strategy will ensure that the development remains lively throughout the day, fostering a dynamic urban community," AlKharji remarked.
The project is supported by ample parking with a dedicated parking tower and basement parking beneath the entire footprint of the site, robust public transport links, and pedestrian access to the surrounding amenities.
“There will be three expansive, tree-lined courtyards strategically placed amongst the towers, creating peaceful spaces for relaxation and social connection. The size, placement, and configuration of the courtyards and the surrounding buildings have been meticulously mapped to provide shade during the hottest parts of the day, utilising solar exposure studies and the careful placement of foliage throughout,” AlKharji points out.
Al Basateen has partnered with Riyad Capital to secure a SAR2 billion fund for the development – a deal that was formally signed at Cityscape Global.
AlKharji commented: “We are delighted to announce the establishment of a SAR2 billion fund in partnership with Riyad Capital, the largest fund ever raised by Al Basateen. We see this investment – and the resulting Kings’ Square project - as major contributions to Saudi Arabia’s positioning as a major international real estate player, creating iconic and innovative projects that transform living experiences and enrich communities while supporting economic growth and diversification.”
The company is collaborating with the renowned architectural firm Office for Metropolitan Architecture (OMA) to design the project, which will incorporate sustainable features and technologies.
Regarding the timeline for implementing the project, AlKharji stated that Al Basateen is working closely with the Royal Commission for Riyadh City (RCRC) on the final details and necessary approvals. The tenders and ground-breaking announcements will follow swiftly after this process is completed, he added.
Al Basateen is known for its previous projects, such as Al Basateen District, a 441,000-sq-m residential community in Diriyah, which features 200 luxurious villas. Additionally, the company has developed commercial projects such as Al Basateen Offices and Palm View, which offer distinctive spaces designed to ensure comfort and productivity for tenants.-TradeArabia News Service.
