KINGDOM Holding Company (KHC), the investment vehicle of Saudi Prince Alwaleed bin Talal, has inked a deal with Jeddah-based Subul Development Company for the sale of a part of its Kingdom Riyadh Land project in Saudi Arabia for SR250 million ($66.5 million).

The 16.8-million-sq-m Kingdom Riyadh Land site is strategically located on the Riyadh-Dammam highway in the north eastern outskirts of the city.

Once developed, Riyadh Land will be a mixed-use residential and commercial development, featuring a private leisure and equestrian club, serviced bungalows and sports and other leisure facilities which are expected to be managed by Fairmont Hotels and Resorts.

As per KHC estimates, the project could attract a total investment in excess of SR20 billion ($5.3 billion) and house up to 75,000 people.

In February 2011, Omrania and Associates was awarded the contract for the masterplanning and infrastructure design for Kingdom Riyadh Land. In addition, Hart Howerton (HH) was awarded the design of the masterplan for the 3.8-million-sq-m Kingdom Oasis Riyadh Land at the eastern side of the project.