Knowledge Economic City signs SAR 23 mln design contract for Saudi project

Saudi-based Knowledge Economic City (KEC) has signed a SAR 23.4 million contract with Chapman Taylor to design its new Down Town project.

The 52-week contract was awarded to the global architect and masterplanner of mega projects on May 21, 2019, KEC said in a bourse statement on Sunday. 

In the first phase of this contract, Taylor will study the project site, preliminary designs, execution phases and estimates cost. 

Detailed designs and the project scheme will be provided in the second phase.

KEC added that no financial impact is expected from the new award, as costs will be paid in installments based on work progress. The project costs will be paid from the company’s cash.

The project’s first phase – including designs - is scheduled for completion in three years, the statement added. 

The new development will be built on a total space of 129,000 square meters, of which 77,000 sqm will be allocated for the mall and boulevard. The project’s commercial leasable area stands at 122,000 sqm.