Riyadh – Mubasher: Knowledge Economic City (KEC) on Sunday revealed the completion of the feasibility studies required for its new Down Town project.

The company started the preliminary designs for its project which will cost SAR 2.2 billion ($586.5 million) in its first phase, according to a statement to the Saudi Stock Exchange (Tadawul).

The new project aims to develop KEC’s main commercial market and neighbouring hotel units as part of the first developmental phase.

The new development will be established on a total area of 129,000 square metres, including 77,000 square metres for the mall and boulevard.

The project includes a commercial leasable area of 122,000 square metres, as well as a public park spanning over 45,000 square metres.

The company plans to begin ground works in the fourth quarter of 2019 and construction in 2020.

The entire project is expected to be executed within a period of three years.  

In March, KEC’s board of directors approved establishing a special purpose vehicle (SPV) with strategic investors to set up the project.