Riyadh to invest RM1.9bil in local property market

Federal Territory Minister, Khalid Abd Samad (centre) at the signing of MoU between Mainstay Holdings Sdn Bhd dan Pembinaan Tetap Teguh Sdn Bhd, Teo Swee Phin (second, right) dengan President of Kumpulan Riyadh Indonesia, Bally Saputra (second, kiri).

KUALA LUMPUR: Property developer Riyadh Group Indonesia is setting foot into the local property scene with an investment of US$450mil (RM1.88bil), to be spent over a 10-year period.

The investment has been earmarked for two projects – the revamping of a mall in Shah Alam and several developments over 10.35 ha of land in Serenia City, Sepang.