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The project will be developed through a real estate investment fund
Saudi-listed Riyadh Development Company (ARDCO) announced on Tuesday that its consortium with Turkey’s FTG Development has been appointed the developer of a 3.5 billion Saudi riyal ($931.6 million) mixed-use project in Riyadh.
The project, comprising mixed-use towers, is located within the Urban Wadi destination of Sports Boulevard master plan in Riyadh and covers an area of 39,759 square metres (sqm) with a built-up area of more than 207,000 sqm, ARDCO said in statements on the stock exchange and on its social media handles.
It will be developed through a real estate investment fund formed by ARDCO as the local investor, FTG Development as the foreign investor and the state-owned Sports Boulevard Development Company as the main investor, contributing land as an in-kind investment.
The real estate fund, which will be managed by Jadwa Investment Company, will have a duration of seven years, which is extendable.
ARDCO said the implementation period for the project is four years, and will include residential units, commercial and office units and hotels.
The company launched Invest for Growth strategy last year to enter value-added partnerships, focussing on residential, offices and logistics real estate development, mainly in Riyadh.
Urban Wadi will extend for 4.5 kilometres (km), from Suwaid bin Harthah Street (west) to Ar Rub Al-Khali Street (east), according to a press statement issued by Sports Boulevard Development Company on Tuesday. It will include a low-flow water canal, pathways for pedestrians and cyclists, bridges, a large shading structure of 10,000 sqm with shops and restaurants, shaded play areas, a kayaking zone, multiple sports courts, and event spaces. The release referred to the mixed-use towers project as the Urban Wadi High Rises development.
According to its website, Sports Boulevard is one of Riyadh’s mega projects launched by King Salman Bin Abdulaziz Al-Saud in March 2019. The project is set to become the longest linear park in the world and extends for more than 135km on Prince Mohammed bin Salman bin Abdulaziz Road, connecting Wadi Hanifah in the West with Wadi Al Sulai in the East through a grid of green pathways for pedestrians, cyclists, and horse-riders. It master plan includes 4.4 million sqm of greenery and open spaces, and up to 50 multidisciplinary sports facilities, amd unique districts and investment zones totaling an area which exceeds 2.3 million sqm. |
