JEDDAH – Dubai real estate developer Damac Properties has handedSaudi Binladin Group ( SBG ) a SR353 million ($96 million) to construct a luxury housing project located on King Fahad Road, Riyadh.
The work will be completed by Binladin subsidiary Haramain Gate for Construction, the main construction contract for Damac’s Esclusiva Luxury Serviced Apartments.
The 150m tower will include 100 luxury apartments and features interiors designed by Italian fashion house Fendi Casa.
Saudi Binladin Group is considered the world’s largest construction company and recently signed a $1.23 billion deal to build Kingdom Tower, which will be the world’s tallest building when complete.
“Damac Properties is thrilled to be working with Biladin group on the construction of Damac Esclusiva which will take the standards of luxury home living in the Middle East to a new level,” said Niall McLoughlin, senior vice president, Damac Properties.
“Together we can bring an experience to the market which the region is yet to see. It is a perfect synergy between two visionary companies looking to reach the pinnacle of luxury living,” he added.
Damac, one of the property developers worst hit by Dubai’s financial crisis of 2008-2009 when a number of its projects stalled or cancelled, has launched several new developments this year on a back of a resurgence in the emirate’s housing market.
Earlier this year it announced its Akoya by Damac development, which will include a gold course designed by flamboyant US business magnate Donald Trump.
The residences will each have views of the golf course, the first in Asia by Trump’s Trump International. Akoya by Damac is the company’s largest development to date, spanning 28 million square feet off Umm Sequim Road.
It will also include a spa, boutique hotels and international schools from kindergarten to secondary, as well as globally-recognized retail brands, leisure and entertainment offerings and a sports complex.
The land has already been bought from Dubailand, but no timeline for construction has been announced.
Damac, regarded as the largest luxury developer in the Middle East, is also building two mixed-use developments in partnership with movie producer Paramount.
