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Mon 11 Apr 2016 02:13 PM

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Saudi's Cayan set to launch $266m mixed-use project

Developer says it has obtained all permits to proceed with luxury Samaya project in Riyadh

Saudi's Cayan set to launch $266m mixed-use project

Saudi-based developer, Cayan Group, has announced that it is set to launch its Samaya project in the prime area of Erga, north western Riyadh.

Spread across 1 million sq m, the company said in a statement that the billion-riyal ($266 million) project is set to become the "ultimate residential destination" in the city.

Cayan Group said it has obtained all official permits required to proceed with the project, including the off-plan permit from the Ministry of Commerce and Industry.

It added that off-plan residential land plots have been reserved for Cayan's VIP clients at this initial stage.

Ahmed Alhatti, chairman of Cayan Group said: "Samaya addresses market needs for high-end residential compounds that offer integrated services for the residents of Riyadh.

"Such prominent developments support the Saudi economy and drive property investment across the kingdom," he added.

Alhatti said construction work on the project will commence soon, adding that Samaya will also include commercial units, schools, nurseries, mosques, sports clubs, parks, green spaces, water fountains, farms, pedestrian paths, jogging and cycling tracks.

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