Riyad capital, one of the largest asset managers and one of the most successful companies in the kingdom in the field of real estate investment, has stated that it has initiated a new residential development fund worth SAR1.7 billion ($453 million) in collaboration with Mountain View KSA residential development fund about SAR1.7 billion ($453 million) in partnership with Mountain View KSA.
The company stated in a statement that it is geared towards the development of “ONE Mountain View, a semi-gated residential community in Al Rimal District.”
The prime project covers an area of 152,000 sq m, accommodating over 500 residential units, offering a modern residential environment that meets the increasing family-oriented residential property demands in Riyadh.
It also contains a lot of green and landscaped areas that improve the quality of life, in addition to a community center, The Lighthouse, that promotes the development of an integrated and cohesive residential community.
In his speech at the launch, the Managing Director of Real Estate at Riyad Capital, Hisham Abdulaziz Al-Zaid, said that “This fund represents an important addition to Riyad Capital’s expanding real estate development portfolio and reflects our continued commitment to supporting high-quality residential projects that meet the needs of families in Riyadh.”
He added that “One by Mountain View project incorporates thoughtful planning, generous green spaces, and modern residential layouts in a strategic location.”
Al-Zaid reported that this venture is also indicative of the Riyad Capital real estate portfolio’s ability to diversify into commercial, residential, and mixed-use real estate, which enhances our presence within the major development areas and generates favorable investment opportunities.
CEO of Mountain View KSA, Ahmed Rashed, stated that “This project embodies our vision of offering modern residential communities that focus on quality of life and are built on more than twenty years of experience in developing communities based on the concepts of happiness and innovation.”
Rashed said, “Through this partnership, we reaffirm our commitment to providing real added value to the city of Riyadh, and to building integrated residential environments that meet the aspirations of families and keep pace with the rapid urban growth the Kingdom is witnessing.”
According to TradeArabia News Service, Rashed indicated that the launch of this fund highlights the diversification of Riyad Capital in investing in real estate ventures and also supporting the projects that create a sustainable value to the residents and investors, who contribute to the balanced and long-term urbanization of Riyadh.
