Gulf Related, a joint venture between investment firm Gulf Capital and real estate development firm Related, has unveiled a SR1bn ($266.64m) residential development project in the Saudi Arabian capital Riyadh.
Gulf Capital has acquired two plots of land located in the North Western part of Riyadh on the Salboukh Highway, with a combined area of almost 300,000m² for the project.
Related Urban president and co-managing partner of Gulf Related Kenneth Himmel said that the project will be fashioned to offer the best amenities and lifestyle experiences for expatriates in the capital of the country.
"The exquisite design, lush landscaping, common facilities and ample road-ways will cover 40 per cent of the total area of the compound, providing a unique lifestyle for residents," Himmel said.
The first phase of the development will include a residential compound featuring 450 units on the first plot of land spread across an area of 157,000m².
The residential development will also have modern infrastructure facilities, landscapes and green space, road network and other community facilities.
In the second phase, Gulf Related is planning to build a mixed-use facility as an extension of the first phase.
The company has already selected master planners, architects, designers and landscapers to design and develop the residential community. Construction is anticipated to begin by the end of 2012 and the project is scheduled to be completed by the first quarter of 2015.