By David Ingham
Rikaz's Al Fanar development will contain residential, retail and commercial space, and will not be a speculative undertaking, according to its CEO.
Rikaz, a subsidiary of Saudi Arabia's HAK Group, is to invest $200 million in a major waterfront development in Al Khobar.
The Fanar project, or ‘Future City’, will cover 3.3 million square metres and contain residential, commercial and retail space. The project will be developed around a 300,000 square metre manmade lagoon.
“The scope and mix of this project cannot be found anywhere else in Saudi Arabia,” says Sheikh Khalid H A Al-Ghatani, president and CEO of Rikaz. “With idyllic waterfront estate houses, condominiums and apartments, City Fanar will provide the ultimate in deluxe living. As a national landmark, its legacy will attract people from all over, making it the preferred destination within the surrounding region."
Sheikh Khaled asserts that this is no speculative real estate venture. “Unlike other projects resulting from a frenzy driven real estate market, City Fanar presents investors with a reliable opportunity to take part in a project that will influence the future of the region and bring returns on investment,” he says.
For those that don’t know, ‘Fanar’ means ‘lighthouse.’ Like a real lighthouse, Sheikh Khalid says that Fanar will stand for, “direction, security and hope.”
Design wise, the tallest buildings within the development will be located on the waterfront itself, with the less tall buildings located inland. Fanar will include 200,000 square meters of greenery, 50% of which will be set aside for private residential gardens.
At this stage, there is no indication of whether or not properties will be leased or sold outright to tenants.