The King Salman Park Foundation has joined hands with Saudi developer Naif Al Rajhi Investment Company for the launch of its new mixed-use real estate development project at a total investment of $1.1bn.
Spread over a 290,000sq m area within the Park premises, the project will boast over 1,500 residential units that will include Salmani-style apartments and townhouses overlooking the park, along with 140,000sq m of gross leasable areas for offices and retail, hotels, schools, and several educational, health, sports, recreational and social facilities.
According to the Foundation, the office spaces will feature central Grade-A and flexible office options, fully blended within residential plots, while the hospitality offerings will cater to business tenants and park visitors. Retail space will be distributed throughout the public realm, covering the essential needs of residents, it stated.
Unveiling the project, the Foundation said this was the first public-private partnership project managed and funded entirely by the private sector.
