RIYADH: Riyadh-based developer Dur Hospitality Co. is planning a new 30,000 sqm luxurious residential compound on the city’s King Khalid Road, amid an ongoing surge in demand in the higher end of the real estate market. For the construction and implementation of the project, the company signed an SR82.5 million ($22 million) contract with Al Murshid Contracting Group Co, the former said in a bourse statement. Under the deal, 75 luxury villas will be built, along with landscape works in accordance with the latest state-of-the-art standards. Given its close location to the northern gate of Riyadh’s diplomatic quarter and to premises of major governmental authorities, the compound will be characterized by its strategic location. The real estate developer noted that the project, mainly financed by credit facilities, is expected to have a positive effect on revenues from the third quarter of 2023. It added that the development is aimed at upgrading the quality of life for Saudis in line with Vision 2030.