Package 5 is the biggest named private deal: a residential-led district beside the King Salman Park metro station, led by Kolaghassi with Al Othaim Investment and RXR of New York, through a Capital Market Authority-regulated fund managed by Mulkia. It is valued at more than SAR11bn (about $3bn), with more than 1 million m² of floor area, about 3,700 homes, about 300 hotel keys, more than 100,000 m² of Grade A offices, a K-12 school, retail and dining, and a LEED and WELL Gold target. It was announced at MIPIM in March 2026 and final agreements were still being completed. No hotel operator or handover date has been named.
How we count this
Counted as one of the 'five major packages' behind the SAR20bn-plus total at MIPIM (March 2026). The new Packages 4 and 5 add up to about SAR14.2bn against the SAR14.3bn reported as new, which is a rounding difference. The '400,000 m²' figure beside Package 5 is a site area in one source and a residential-led area in another, and is kept apart from the 1,000,000 m² floor area.
Key facts
| Package 5 value | More than SAR 11 billion (about $3bn) Al WatanMar 2026Arab NewsMar 2026PRNewswire / KSPFMar 2026 Value of the Kolaghassi-led development as announced at MIPIM, March 2026. · as of Mar 2026 |
|---|---|
| Homes planned |
About 3,700
PRNewswire / KSPFMar 2026
Residential units planned. · as of Mar 2026
|
| Hotel keys planned |
About 300
PRNewswire / KSPFMar 2026
Hospitality keys planned. Operator not named. · as of Mar 2026
|
| Grade A offices planned |
More than 100,000 m²
PRNewswire / KSPFMar 2026
Grade A office area planned. · as of Mar 2026
|
| Total built-up area |
More than 1,000,000 m²
Al WatanMar 2026PRNewswire / KSPFMar 2026
Built-up or gross floor area across the district, as stated in the announcement; not a land area. · as of Mar 2026
|