Prince Alwaleed: “Riyadh mega project will bring promising returns to Kingdom Holding investors”
Kingdom Holding Company (KHC) chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud announced the commencement of the construction of “Kingdom Riyadh Land”, real estate Riyadh project.
Prince Alwaleed commented: “Riyadh mega project will bring promising returns to Kingdom Holding investors. Our Saudi real estate projects are solid anchors for Kingdom Holding’s continuing profitability.”
On February 9th, 2011, KHC announced that Omrania were awarded the design of the master plan design and infrastructure of “Kingdom Riyadh Land” that is16M sqm. Also the contract includes provisional sums for Traffic and Environmental studies. As part of their service Omrania’s Contract includes the coordination and approval of all master planning elements, engaging and managing the traffic impact study and environmental impact assessment sub-consultants and other studies required to complement and complete the Master Plan in the role of the local master planner, including all liaison with local authorities. In addition Omrania will be carrying out the supervision of the infrastructure work on site at the pre-agreed rates contained in the award memo.
Moreover, Hart Howerton (HH) were awarded the design of the master plan for 3.8M sqm in Kingdom Oasis Land. The contract includes concept landscape architecture and coloured renderings. As part of their scope of work, HH will produce preliminary concept architecture studies for the Hotel, Gentleman’s Retreat, Women’s Spa, and Branded Villas of which one scheme will be further developed into the concept refinement stage to address the concept details. The preliminary master plan was submitted to Riyadh Municipality and their comments have been addressed by HH.
Eng. Talal Almaiman, Executive Director for Development and Domestic Investments commented: “This strategic step is aimed at broadening the activities of the Real Estate Investment Company, Ltd. (REIC) to benefit from its marketing and operations’ ability.” REIC owns and operates “Kingdom City” residential compound in Riyadh.
There are currently in excess of 400 families on the waiting list for the current residential compound. In addition, following a comprehensive study of market and the economic implication of the project, REIC has acquired a loan from Banque Saudi Fransi to finance the second “Kingdom City”. Furthermore, the second “Kingdom City” will be developed to provide increased facilities for residents, to benefit from the infrastructure and other planned projects by the developers with co-operation with the concerned parties.