The King Salman Park Foundation has launched the 4 billion Saudi riyals ($1.07 billion) King Salman Park Real Estate Development Fund, a mixed-use real estate development project focusing on investments in land plots in the park.

The fund will be managed and funded entirely by the private sector, the Saudi Press Agency reported.

The investment fund will develop the first real estate investment site in King Salman Park, covering an area of more than 290,000 square metres (sqm).

The project site is in the early stages in District One of King Salman Park.

Saudi Fransi Capital will be the fund manager, while King Salman Park Investment and Real Estate Development Company will be the master developer. Naif Al-Rajhi Investment Company will be the real estate developer and master lessee of the project.

The development will comprise over 1,500 residential units, including Salmani-style apartments and townhouses, with 140,000 sqm of Gross Leasable Area (GLA) for offices and retail, hotels, schools, and several educational, health, sports, recreational and social facilities.

Saudi King Salman Bin Abdulaziz launched King Salman Park, one of Riyadh’s four mega projects, on 19 March 2019. It covers 16.7 square kilometres in a strategic location connected to several main roads and linked to Riyadh Metro and the Riyadh Bus station network.

(Writing by D Madhura; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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