Knowledge Economic City (KEC) has signed an agreement with Saudi group Alrashid Properties to develop a premium mixed-use project – the Multaqa Residences – in Madinah on a 149,520sqm area.
As per the deal, KEC will retain ownership of the land and continue to act as master developer, while Alrashid Properties will oversee the project’s design, engineering, financing, construction, delivery and maintenance, said KEC in its filing to Saudi bourse Tadawul.
On completion, the project will boast a mix of residential units, branded homes and commercial space as well as hotels, retail and hospitality assets.
The project will be developed under the Off-Plan Sales Regulations on a 149,520sqm project site in compliance with all applicable laws and regulations, following the issuance of the required approvals and licences, it stated.
The company estimated the project development costs at about US $693.2mn, excluding the land value, with total project revenue expected to reach about US $1.33bn. The entire project will be implemented within a 54-month period, stated the company in its bourse filing.
Strategically located within KEC as part of Multaqa Al Madinah development on King Abdulaziz Road, it overlooks Multaqa Mall to the west, which is directly connected to the Hilton Hotel tower, the Hilton Branded Residences tower, and the Multaqa Hospitality development, which includes the JW Marriott Hotel, the Marriott Hotel, and branded residential units, it stated.
Under the agreement, proceeds above the agreed benchmark development cost will be shared between the two companies under a profit-sharing mechanism, while revenue will be recognised in KEC’s financial statements in accordance with International Financial Reporting Standards as the project progresses, it added.
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