Gulf Related starts $200m Riyadh project
Antara will be a gated, resort-style complex for expats
Developer Gulf Related has announced the start of main construction work of its $200m (SR748m) Antara gated residential complex in Riyadh.
The company, which is a joint venture between private equity firm Gulf Capital and US-based real estate developer Related, held a ceremony laying a cornerstone at the complex to mark the start of construction at the site. Dubai's Drake & Scull is main contractor at the project, which involves the construction of 520 homes around a self-contained, Mediterranean-style resort village.
Work is due to complete at the 1.05mn ft2 site, which is on King Khalid Road in northwest Riyadh near King Abdullah Financial District, in October 2016.
Emile Habib, managing director of Gulf Related, described the development as “a state-of-the-art residential area with a distinctive character in the metropolis of Riyadh. It will serve as a model residential development for the expatriate community in and around the capital."
Last month, Habib told Construction Week that Gulf Related is currently assessing options for a 1.6mn ft2 site adjacent to the Antara project, as well as potential projects in Jeddah and the Eastern Province.
"We'll probably launch something by the summer," he said.