Ladun Investment Company has signed a partnership agreement with Cheval Collection, for the construction and operation of CHEVAL LADUN LIVING in Riyadh, Saudi Arabia.
The agreement marks Cheval’s first venture into the Saudi Arabian market.
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CHEVAL LADUN LIVING will feature a tower with hotel apartments on King Fahd Road.
The agreement was signed during the ongoing Future Hospitality Summit, which is taking place from 29 April to 1 May 2024.
Cheval Collection COO John Philipson said: “The growing demand for furnished apartments presents an opportunity to strengthen the Cheval Collection brand, leveraging our decades-long expertise in luxury-serviced apartments.”
The new development is set to feature 130 residential units, ranging from one to three bedrooms, and will include on-site amenities such as a gym, swimming pool, and sauna.
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By GlobalDataConstruction of the tower is expected to cost up to SR300m ($79.99m) and is scheduled to begin this year, with completion targeted for 2027.
The project has secured several key contracts with service providers and partners, including Built Industrial Company, a subsidiary of Ladun Investment, as the primary contractor.
Al Rajhi Bank has been appointed for project financing while Khatib and Alami Company will oversee design and implementation supervision.
Architectural design consultation will be provided by Abdulelah Al Mohanna Company and DZ Company will offer interior design consultation.
Ladun Investment CEO Hassan bin Shawqi Alhazmi said: “CHEVAL LADUN LIVING marks a significant milestone for us in real estate development. It signals Ladun Investment’s position in this sector, with a commitment to delivering high-quality projects aligned with Saudi Vision 2030.
“By partnering with key strategic allies, we aim to redefine Riyadh’s real estate landscape, offering a unique experience through this tower.”
Cheval Collection is a hospitality group specialising in managing and operating serviced apartments.
Meanwhile, Ladun Investment brings more than 50 years of expertise in investment, real estate development, and asset management to this significant partnership.
