Saudi-based Retal Urban Development Company has announced that its consortium has secured a project contract worth SAR3.2 billion ($852 million) from King Salman Park Company to develop a predominantly residential, mixed-use development located in Package Four within the Cultural Neighborhood of King Salman Park in Riyadh.

The project comprises an integrated urban district featuring more than 600 residential and over 140 hotel units in addition to 50,000 sq m of office space, said Retal in its filing to Saudi bourse Tadawul.

Located in Package Four within the Cultural Neighborhood of King Salman Park, near the Royal Arts Complex, the key development also includes retail units, restaurants, cafés and a variety of unique experiential offerings.

The project will utilise the park’s unique components to minimize environmental impact. Its' thoughtfully designed urban planning framework ensures efficient mobility to secure a vibrant community, enhances public health. 

Additionally, the project will focus on design that aligns with the overarching vision of transforming King Salman Park into a unique world class destination.

Such project is backed by an investment fund managed by SAB Invest and regulated by the Capital Market Authority. Under this structure, King Salman Park Company contributes the project land, while consortium partners provide capital and development expertise.-TradeArabia News Service