By Sam Bridge
Gulf Related says investment in Antara reflects its confidence in the Saudi capital's property market
Real estate developer Gulf Related on Tuesday announced that Antara, the new residential community development in the prestigious Diriyah area in North Western Riyadh, has officially opened.
Comprised of 520 units, Antara offers a villas, townhouses and apartments and represents a SR1 billion ($266 million) investment by the developer.
Gulf Related is a partnership between UAE-based Gulf Capital and the Related Companies, a privately-owned real estate firm in the United States.
Dr Karim El Solh, co-managing partner of Gulf Related and CEO of Gulf Capital, said: “Antara is a high-end, sophisticated, and family-friendly residential resort in the heart of historic Riyadh.
"We are privileged to be part of the Diriyah community of developers who are contributing to and revitalising an area of high cultural and historic significance."
He added that Gulf Related’s investment in Antara highlights the company's belief in the promising residential real estate sector in Riyadh and the long-term growth prospects of the kingdom.
The development is Gulf Capital’s sixth major investment in Saudi Arabia.
Jerry Inzerillo, CEO of Diriyah Gate Development Authority, said: “We are very pleased that a global real estate developer of the stature of Gulf Related has decided to invest in the Diriyah area, and to launch a high-end residential project within our 190 sq km catchment zone."
Kenneth Himmel, co-managing partner of Gulf Related and CEO, Related Urban, said Antara has already attracted considerable interest ahead of its official inauguration, with immediate leasing commitment of over 100 units.
"Despite challenging times for global and regional economies, the completion and opening of Antara comes at a time of renewed investments in landmark real estate projects in Saudi Arabia,” he added.
He said Antara offers a resort style living experience including a large fitness and wellness centre, terrace restaurants and poolside cafes, all overlooking five interconnected pools.
Antara is also launching the Village Inn, a ready-made temporary stay solution for those who wish to experience hotel life in a secure residential community.