King Salman Park Foundation (KSPF), the developer behind the $25 billion King Salman Park megaproject in Riyadh, is launching a new development featuring homes and offices as demand for property remains strong in the Saudi capital.
The scheme, to be built within King Salman Park in partnership with Adjan Real Estate and Sedco Capital, is valued at $1 billion, its chief executive told The National in Riyadh on the sidelines of real estate exhibition, Cityscape Global.
KSPF, a government-owned body with Saudi Crown Prince Mohammed bin Salman as it chairman, will supply the land, while Adjan and Sedco will provide equity for the development.
“The project will have a substantial component of residential, roughly 600 units, about 45,000 square meters of office space and a hotel with 200 keys,” chief executive of KSPF George Tanasijevich said. “Then there will be a variety of amenities, including supermarkets, restaurants, clinics and retail.”
King Salman Park, covering 16.7 sq km in the heart of Riyadh, was launched by the Saudi government in 2019 as part of the kingdom's plans to diversify its economy from oil under Prince Mohammed's Vision 2030.
The park is being built in several phases and will feature cultural, arts and entertainment attractions, as well as housing and green spaces.
George Tanasijevich, chief executive of King Salman Park Foundation, centre, signing the agreement for the new development. Photo: KSPF
“The master plan of the [residential] zone and the broader King Salman Park footprint is designed to provide for the ease of pedestrian mobility,” Mr Tanasijevich said.
“It’s going to have a museum of world cultures that will be operated by the Ministry of Culture. It will have a national theatre.
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