MEED reported that the local Saudi Constructioneers Establishment has been selected by the local Thabat Company for Real Estate Development to build its SAR 7 billion Nasamat al Riyadh residential project located northeast of Riyadh.

A source said that Saudi Constructioneers has been approved for the contract, but it has not yet been officially awarded. The residential development will be built over a total area of 3 square kilometers and will consist of 2,000 villas and 2,100 apartments.

The residential scheme will also include a recreational sports centre, social club, large shopping mall, four schools, medical facilities and mosques. It will also have public services such as a police station, civil defense facility, social and cultural centers and post offices. The development will have 40,000 square meters of garden areas. The project will be built in three phases over 6 years. Construction work is expected to begin in early 2011 with the Phase I expected to take 36 months to complete.

The local Zuhair Fayez Partnership Consultants is the consultant on the project and Hill TMG, a joint venture company between Egypt’s Talaat Moustafa Group Holding and US based Hill International will manage the project.

The planned Al Marina project will include 636 villas, 74 tower buildings and 70 mid rise tower structures. The development will also contain shopping malls, schools, mosques and other recreational facilities.

(Sourced from MEED)