Gulf Related opens $277mn Antara residential development in Riyadh’s ‘historic’ Diriyah district
Despite challenging global and regional economy, Antara opens at a time of renewed investments in landmark real estate projects in KSA, says developer
Joint UAE and US-owned developer Gulf Related has opened the $277 million Antara residential development in the “prestigious and historic” Diriyah area in North Western Riyadh.
Gulf Related is a partnership between UAE-based investor Gulf Capital and privately-owned real estate US-firm Related Companies.
The developer said it has designed Antara in a manner that blends “harmoniously with its historic surrounding environment. Antara offers a resort style living experience where residents can enjoy a variety of recreation and relaxation facilities in a resort-like environment surrounded by lush landscaping. The overall vision for this cultural landmark location was safeguarded and successfully implemented in the design of the completed development.”
Antara comprises 520 units and features a wide range of carefully crafted villas, contemporary townhouses, and modern apartments “that can satisfy the preferences of individuals, couples, and families with children.”
“Antara is a high-end, sophisticated, and family-friendly residential resort in the heart of historic Riyadh,” added Dr Karim El Solh, co-managing partner, Gulf Related and CEO of Gulf Capital. “We are privileged to be part of the Diriyah community of developers who are contributing to and revitalising an area of high cultural and historic significance. Gulf Related’s SAR 1 billion investment in Antara highlights our belief in the promising residential real estate sector in Riyadh and the long-term growth prospects of the Kingdom. This development is Gulf Capital’s sixth major investment in Saudi Arabia and represents our commitment to supporting the Kingdom’s 2030 vision of achieving far-reaching economic prosperity and supporting the growth of the real estate sector as a key pillar of the economy.”
“We are proud to announce the opening of Antara in Diriyah today. Antara was designed at the highest international standards to create a unique and sophisticated residential experience catering to both long-term and short-term stays,” said Kenneth Himmel, co-managing partner, Gulf Related and CEO, Related Urban. “Antara is strategically located in the prestigious Diriyah area, and we were keen to ensure that the unique and historic settings were incorporated into Antara’s urban planning, design, and architecture. Antara has already attracted considerable interest ahead of its official inauguration, with immediate leasing commitment of over 100 units. Despite challenging times for global and regional economies, the completion and opening of Antara comes at a time of renewed investments in landmark real estate projects in Saudi Arabia.”
Jerry Inzerillo, CEO, Diriyah Gate Development Authority, said: “We are very pleased that a global real estate developer of the stature of Gulf Related has decided to invest in the Diriyah area, and to launch a high-end residential project within our 190 square kilometer catchment zone. We wish them every success with their residential compound development and hope it will attract the international standing and future acclaim that it deserves.”
