KSB capital Group signed an agreement with SinoGulf to develop a residential compound in Riyadh through a Fund structure that will be managed by KSB Capital.
Ibrahim Al Alwan, KSB’s CEO revealed that the main purpose of the fund, with the size of SAR 280 million, is to invest in real estate sector through the acquisition of the plot located in Eastern Riyadh in Granada Quarter, with an area of 62,550 m2 and develop a closed residential compound consisting of almost 400 units ranging between villas and apartments over a period of 2.5 years. The Fund will operate the project for one year prior to exit by selling the cash flow of the project.
Al Ilwan also said that the fund is an extension of other KSB real estate funds. KSB aims to maintain its name through the quality of its investment projects.
Hussain Al Awlaqi, SinoGulf’s Chairman commented: “We are excited to enter the Saudi market in partnership with KSB. We will deliver a high quality product, in line with our previous developments in UAE”.
KSB Capital Group (KSB) is a Saudi closed Joint Stock Company established in 2006, with a paid up capital of SR 300 million and its head office in Riyadh, KSA. KSB is authorised by the Capital Market Authority (CMA) to work as an investment bank in Saudi Arabia.
SinoGulf Saudi Arabia, is a subsidiary of SinoGulf Real Estate Investments LLC known as SinoGulf Investments. The company was established in the Kingdom of Saudi Arabia for the purpose of establishing strategic partnerships, with Saudi companies, to facilitate project execution and the development of residential communities in Saudi Arabia