|Arab News, Jeddah, Saudi
ArabiaMcClatchy-Tribune Regional News
Feb. 22, 2011--RIYADH -- Kingdom Holding Company (KHC), chaired by Prince Alwaleed bin Talal, has announced the development of the second Four Seasons Hotel Riyadh at Kingdom Oasis.
It will be the centerpiece of a 3.8 million sq.m. residential development part of the of Kingdom Riyadh Land that is 16 million sq.m. and will be offering unparalleled living community experience in Riyadh.
The objective of the Four Seasons in Kingdom Oasis is to provide the best guest experience and living environment.
The Oasis will complement the Four Seasons Riyadh, with a more relaxed, and entertaining environment.
Prince Alwaleed said: "Our Saudi real estate projects are solid anchors for Kingdom Holding's profitability."
Talal Almaiman, the company's executive director for development and domestic investments, said: "This step is aimed at broadening the activities of the Real Estate Investment Company Ltd. to benefit from its marketing and operations' ability as it owns and operates Kingdom City residential compound in Riyadh that is east of Kingdom Hospital in Riyadh."
Recently, KHC announced that it had sold one million sq.m. of land west of Kingdom Riyadh Land for SR250 per sq.m. to the Real Estate Investment Company Ltd. (one of its subsidiaries, 38.89 percent owned by KHC) for the development of the second Kingdom City as the first Kingdom City was opened in 1999 and has 100 percent occupancy.
On the east end of the Kingdom Riyadh Land is "Kingdom Oasis" which has a main and complete infrastructure where the FS Hotel will be developed. Moreover, the Company announced that Omrania was awarded the design of the master plan design and infrastructure of Kingdom Riyadh Land.
At the core of the community, the Four Seasons Resort will be taking advantage of a 75,000 sq.m. man-made lake by stretching along the waterfront. The design will have its roots in the Arab architectural tradition, with more relaxed elements in a Mediterranean resort style.
The Four Seasons will offer a world-class luxury hotel of around 43 rooms and suites, a sophisticated variety of food and entertainment, a full service destination spa for both males and females, and a fitness center.
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Copyright (c) 2011, Arab News, Jeddah, Saudi Arabia
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