KHC sells part of Riyadh land for SR 250 million

11/10/2012 07:37 AST

Kingdom Holding Company (KHC), chaired by Prince Alwaleed bin Talal, has announced the signing of the agreement for the sale of part of Kingdom Riyadh Land located east of Riyadh on Sept. 30. The area to be developed was bought by Subul Development Co. for SR 250 million. The estimated profit from the sale is SR 143.7 million.

Prince Alwaleed said: “The estimated net profit from the sale is SR 144 million.”

On Feb. 9, 2011, KHC announced that Omrania & Associates was awarded the contract for the master planning and infrastructure design for Kingdom Oasis Riyadh Land, a 16-million square-meter plot owned by the company on the Riyadh-Dammam Highway. The contract includes conducting traffic and environmental impact studies, as well as other studies required to complement and complete the Master Plan. They will also serve in the role of local master planner, including liaising with local authorities. In addition, Omrania will be carrying out the supervision of the infrastructure work on site expected to commence shortly.

Hart Howerton was awarded the design of the master plan for the 3.8-million-square-meter Kingdom Oasis Riyadh Land at the eastern side of the land. As part of their scope of work, Howerton will produce concept architectural studies for the hotel, Gentleman’s Retreat, Women’s Spa and Branded Villas. The preliminary master plan was submitted to Riyadh Municipality and Howerton has addressed their comments. Kingdom Oasis will also include a second Four Seasons Hotel and Resort in Riyadh. The hotel will be taking advantage of a 75,000 m2 manmade 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.

KHC is also leading the development of the second Kingdom City compound project in Riyadh that will be developed within the Oasis.

Moreover, KHC has signed an agreement with Saudi Telecom Company (STC) to provide telecom infrastructure for Kingdom Riyadh Land. The agreement sets the foundation for establishing a smart city based on information and communication technology.

Arab News