KHC Earns Hefty Profit From Sale Of Part Of Kingdom Riyadh Land
Kingdom Holding Company (KHC), chaired by Prince Alwaleed Bin Talal, has signed recently the agreement for the sale of part of Kingdom Riyadh Land located east of Riyadh, and had been set aside to be completed by other developers, the company said in a statement Monday.
The area to be developed was bought by Subul Development Co. for SR250 million. The estimated profit from the sale is SR143.7 million.
Alwaleed said “the estimated net profit from the sale is SR144 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 (HH) 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, HH 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 their comments have been addressed by HH. Kingdom Oasis will also include a second Four Seasons Hotel and Resort in Riyadh. The hotel will be taking advantage of a 75,000m2 man-made 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.
The Four Seasons will offer a world-class luxury hotel of approximately 43 rooms and suites, a variety of food and entertainment venues, a full service destination spa for both males and females and a fitness center.
The open-air water front promenade and lakeside pathways will link all guests and private residents together within the resort, emphasizing the sense of a community lifestyle. Also a signature Tent has been developed to host weddings and other events within a space of 2,500 square meters.
In providing the most unique environment in Riyadh, the Four Seasons will offer the opportunity to purchase one of 75 world-class luxury Private Residence Villas. The Private Residences will be approximately 450 square meters in size with the option of purchasing the unit fully furnished by Four Season’s highest standards.
KHC is also leading the development of the second “Kingdom City” compound project in Riyadh that will be developed within the Oasis. This was inspired by the rapid success of the first compound which is fully occupied and has a long waiting list. “Kingdom City 2” will have units range from luxury four bedroom villas with private pools to studio and guest houses, with amenities including restaurants, pools and sports recreational areas, supermarkets, shops, a business center, a medical clinic and a school and will be developed to allow residents to take advantage of the other projects taking place adjacent to it. The Real Estate Investment Company, Ltd. (REIC) owns and operates both Kingdom cities.
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.
Saudi Gazette
