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Mon 23 Dec 2013 08:48 AM

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Alwaleed happy with progress at $7bn Riyadh project

Feasibility study commissioned to determine market needs for residential, office, retail space

Alwaleed happy with progress at $7bn Riyadh project

Property consultancy Colliers has signed an agreement to carry out a feasibility study aimed at shaping plans for a $7bn mixed-use project in Riyadh.

Kingdom Real Estate Development Company (KRED) said in a statement that it has signed the deal to determine the market needs of the project in terms of residential, office and retail space.

The study will also take into consideration the demands of investors in the Kingdom Riyadh Land development which is slated for completion in the first quarter of 2017, the company said.

The scheme is located along the Riyadh-Dammam highway northeast of the capital, covering an area of about 6.49 square miles and is being developed by Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud's Kingdom Holding.

The billionaire owner said the first phase of the project infrastructure works is expected to be completed in four months, with 75 percent of the excavation, cut and fill and drainage works by the main roads completed.

Prince Alwaleed said in the statement: "Kingdom Holding's real estate projects are on the solid path of success which will lead to positive returns for shareholders."

Talal Al Maiman, chairman and CEO of KRED, added: "We are extremely pleased with the progress being made and our company's ability to attract developers to invest in the Riyadh project.

"The cumulative sales amounted to SR550 million and net gains of SR329 million."

Kingdom Oasis, part of the project, will also include a Four Seasons Hotel and Resort offering rooms and suites, plus food and entertainment venues, and a full service destination spa for both males and females.

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