38,597 sqm of open-air dining, cafés and specialty retail along a ceremonial water axis from the plaza to the Experience Centre. Phase 1 opens Savills' tenant mix (July 2024) in Savills' proportions on 38,597 sqm; expansion to Savills' recommended 48,467 sqm (53,987 sqm with mezzanine) is a later retail phase taken as demand grows. Revenue is Savills' pro-forma scaled to the Phase 1 GLA — every income line, not only rents.
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| Exhibit: Retail Boulevard Returns | Total | Year 1 2026 | Year 2 2027 | Year 3 2028 | Year 4 2029 | Year 5 2030 | Year 6 2031 | Year 7 2032 | Year 8 2033 | Year 9 2034 | Year 10 2035 | Year 11 2036 | Year 12 2037 | Year 13 2038 | Year 14 2039 | Year 15 2040 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Key assumptions | ||||||||||||||||
| Net GLA, sqm — Phase 1 (Savills recommended 53,987 sqm incl. mezzanine is a later phase) | – | – | 38,597 | 38,597 | 38,597 | 38,597 | 38,597 | 38,597 | 38,597 | 38,597 | 38,597 | 38,597 | 38,597 | 38,597 | 38,597 | |
| Leasing occupancy (Savills ramp) | – | – | 50.0% | 50.0% | 70.0% | 92.0% | 92.0% | 92.0% | 92.0% | 92.0% | 92.0% | 92.0% | 92.0% | 92.0% | 92.0% | |
| Revenue per sqm of total GLA, SAR/yr (all income lines) | – | – | 957 | 957 | 1,249 | 1,520 | 1,520 | 1,520 | 1,672 | 1,672 | 1,672 | 1,839 | 1,839 | 1,839 | 2,023 | |
| Revenue per occupied sqm, SAR/yr (÷ GLA × occupancy; unit rent alone ≈ SAR 979 at stabilisation) | – | – | 1,914.1 | 1,914.1 | 1,783.8 | 1,652.2 | 1,652.2 | 1,652.2 | 1,817.4 | 1,817.4 | 1,817.4 | 1,999.2 | 1,999.2 | 1,999.2 | 2,199.1 | |
| Rent step-up every 3 years from 2031 | – | – | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | |
| Common-area costs, SAR'000 | – | – | 4,732 | 9,700 | 9,942 | 10,191 | 10,446 | 10,707 | 10,975 | 11,249 | 11,530 | 11,819 | 12,114 | 12,417 | 12,727 | |
| Operations | ||||||||||||||||
| Retail: Rental income — units (base rent + revenue share) | 447,361 | – | – | 5,439 | 21,757 | 28,624 | 34,770 | 34,770 | 34,770 | 38,247 | 38,247 | 38,247 | 42,071 | 42,071 | 42,071 | 46,278 |
| Retail: Rental income — specialty leasing | 56,537 | – | – | 885 | 3,539 | 3,893 | 4,282 | 4,282 | 4,282 | 4,710 | 4,710 | 4,710 | 5,181 | 5,181 | 5,181 | 5,699 |
| Retail: Service charge income | 67,104 | – | – | 816 | 3,264 | 4,294 | 5,215 | 5,215 | 5,215 | 5,737 | 5,737 | 5,737 | 6,311 | 6,311 | 6,311 | 6,942 |
| Retail: Marketing income | 22,368 | – | – | 272 | 1,088 | 1,431 | 1,738 | 1,738 | 1,738 | 1,912 | 1,912 | 1,912 | 2,104 | 2,104 | 2,104 | 2,314 |
| Retail: Sponsorship | 79,428 | – | – | 536 | 2,145 | 4,290 | 6,434 | 6,434 | 6,434 | 7,078 | 7,078 | 7,078 | 7,786 | 7,786 | 7,786 | 8,564 |
| Retail: Media sales income | 82,236 | – | – | 1,287 | 5,148 | 5,662 | 6,228 | 6,228 | 6,228 | 6,851 | 6,851 | 6,851 | 7,536 | 7,536 | 7,536 | 8,290 |
| Revenue | 755,034 | – | – | 9,235 | 36,939 | 48,194 | 58,669 | 58,669 | 58,669 | 64,535 | 64,535 | 64,535 | 70,989 | 70,989 | 70,989 | 78,088 |
| EBITDA | Retail (after operator fees) | 592,853 | – | – | 4,214 | 26,083 | 36,743 | 46,641 | 46,386 | 46,125 | 51,541 | 51,266 | 50,985 | 56,948 | 56,653 | 56,350 | 62,916 |
| Koushan Asset Management Fee | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Land Lease (revenue share) | (15,101) | – | – | (185) | (739) | (964) | (1,173) | (1,173) | (1,173) | (1,291) | (1,291) | (1,291) | (1,420) | (1,420) | (1,420) | (1,562) |
| Land Lease Cost (allocated) | (9,688) | – | – | (570) | (760) | (760) | (760) | (760) | (760) | (760) | (760) | (760) | (760) | (760) | (760) | (760) |
| SPV overheads (allocated) | (53,540) | – | – | (1,828) | (3,748) | (3,842) | (3,938) | (4,037) | (4,138) | (4,241) | (4,347) | (4,456) | (4,567) | (4,681) | (4,798) | (4,918) |
| Component NOI | 514,524 | – | – | 1,631 | 20,836 | 31,177 | 40,770 | 40,416 | 40,054 | 45,249 | 44,869 | 44,479 | 50,202 | 49,792 | 49,372 | 55,677 |
| Capex | ||||||||||||||||
| Structural works | 48,841 | 11,271 | 37,570 | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Finishes | 45,084 | – | 24,834 | 20,250 | – | – | – | – | – | – | – | – | – | – | – | – |
| MEP works | 31,851 | – | 20,112 | 11,739 | – | – | – | – | – | – | – | – | – | – | – | – |
| Landscaping, water features & infrastructure | 29,622 | 1,229 | 14,379 | 14,015 | – | – | – | – | – | – | – | – | – | – | – | – |
| FF&E / content (n/a) | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Contingency & project management reserves | 6,825 | 956 | 4,277 | 1,593 | – | – | – | – | – | – | – | – | – | – | – | – |
| Design, supervision, fees & permits | 12,740 | 8,054 | 3,640 | 1,047 | – | – | – | – | – | – | – | – | – | – | – | – |
| Marketing, rent & administration during construction | 5,460 | 410 | 1,365 | 3,686 | – | – | – | – | – | – | – | – | – | – | – | – |
| Pre-opening (within the SAR 550M cap) | 19,830 | – | – | 9,915 | 9,915 | – | – | – | – | – | – | – | – | – | – | – |
| Total CapEx | 200,253 | 21,918 | 106,176 | 62,244 | 9,915 | – | – | – | – | – | – | – | – | – | – | – |
| Net Cash | 314,271 | (21,918) | (106,176) | (60,613) | 10,921 | 31,177 | 40,770 | 40,416 | 40,054 | 45,249 | 44,869 | 44,479 | 50,202 | 49,792 | 49,372 | 55,677 |
| Exit Value at exhibit cap (final year, leasehold-adjusted) | 530,733 | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 530,733 |
| Net Cashflows including TV | 845,005 | (21,918) | (106,176) | (60,613) | 10,921 | 31,177 | 40,770 | 40,416 | 40,054 | 45,249 | 44,869 | 44,479 | 50,202 | 49,792 | 49,372 | 586,410 |
| Retail IRR | 19.9% | |||||||||||||||
SAR'000 unless stated. Years 1–15 = 2026–2040; exit in Year 15 (2040) at a 10% cap rate adjusted for the leasehold to 2074; before zakat and VAT recovery. Total investment capped at SAR 550M including pre-opening; shared budget items allocated by built-up area; fixed land rent and SPV overheads (which cover the asset-management role — no separate Koushan fee) shared between the Experience Centre and retail in proportion to stabilised 2032 revenue, none to the hotel; hotel is Phase 2 (construction from 2027 after the construction permit and Al-Maqr approval). Source: Mayadeen Park Financing Model v1.0 (22 Oct 2026).
| SAR million | GMP budget | Retail | Experience Centre | Hotel (Phase 2) | Total within cap | Pre-opening offset |
|---|---|---|---|---|---|---|
| Structural works | 130.0 | 48.8 | 12.6 | 48.8 | 110.2 | (19.8) |
| Finishes | 120.0 | 45.1 | 11.6 | 45.1 | 101.7 | (18.3) |
| MEP works | 70.0 | 31.9 | 11.9 | 26.3 | 70.0 | — |
| Landscaping, water features & infrastructure | 65.1 | 29.6 | 11.0 | 24.4 | 65.1 | — |
| Hotel FF&E (net of pre-opening) | 50.0 | — | — | 35.0 | 35.0 | (15.0) |
| Experience Centre content & AV systems | 60.0 | — | 60.0 | — | 60.0 | — |
| Contingency reserve | 11.0 | 5.0 | 1.9 | 4.1 | 11.0 | — |
| Project management reserve | 4.0 | 1.8 | 0.7 | 1.5 | 4.0 | — |
| Design | 15.0 | 6.8 | 2.5 | 5.6 | 15.0 | — |
| Supervision | 8.0 | 3.6 | 1.4 | 3.0 | 8.0 | — |
| Fees & permits | 5.0 | 2.3 | 0.8 | 1.9 | 5.0 | — |
| Marketing & pre-opening (within GMP) | 7.0 | 3.2 | 1.2 | 2.6 | 7.0 | — |
| Rent & administration during construction | 5.0 | 2.3 | 0.8 | 1.9 | 5.0 | — |
| Hard cost (construction) | 510.1 | 162.2 | 109.6 | 185.2 | 457.1 | (53.0) |
| Soft cost | 40.0 | 18.2 | 6.8 | 15.0 | 40.0 | — |
| Pre-opening (added within the cap) | — | 19.8 | 18.2 | 15.0 | 53.0 | 53.0 |
| TOTAL INVESTMENT | 550.1 | 200.3 | 134.6 | 215.3 | 550.1 | — |
The contractor's GMP breakdown (510 construction + 40 soft) with all pre-opening absorbed inside the SAR 550M cap: hotel pre-opening (15) comes out of the FF&E & preparation line (FF&E 35); Centre (18.2) and retail (19.8) pre-opening are offset pro-rata against structural works and finishes. Shared items allocated by built-up area; direct items to their component.
Savills recommended 48,467 sqm of units, outdoor areas, terraces and storage plus an optional 5,300 sqm mezzanine (53,987 sqm in total) and priced every function. Phase 1 opens 38,597 sqm. The business case keeps Savills' mix in the same proportions and scales every income line — unit rents, specialty leasing, service charge, marketing, sponsorship and media — by 38,597 ÷ 53,987. The remaining area is a later retail phase, to be added as demand grows until the boulevard reaches Savills' recommended size; it is not in the base case and would add c. 40% to the retail revenue lines at the same rates.
| Function (Savills tenant mix, Jul 2024) | Savills GLA, sqm | Share | Phase 1 GLA, sqm | Indoor rent, SAR/sqm/yr | Potential rent at Savills GLA, SAR M | Potential rent at Phase 1 GLA, SAR M |
|---|---|---|---|---|---|---|
| All day dining | 12,854 | 23.8% | 9,190 | 1,200 | 15.42 | 11.03 |
| Food Hall | 5,502 | 10.2% | 3,934 | 1,800 | 9.90 | 7.08 |
| Specialty Food | 4,498 | 8.3% | 3,216 | 1,400 | 6.30 | 4.50 |
| Fine Dining | 3,950 | 7.3% | 2,824 | 1,100 | 4.34 | 3.11 |
| Arts & Culture | 3,390 | 6.3% | 2,424 | 500 | 1.70 | 1.21 |
| Fashion Retail | 3,056 | 5.7% | 2,185 | 900 | 2.75 | 1.97 |
| Coffee Shop | 2,316 | 4.3% | 1,656 | 1,400 | 3.24 | 2.32 |
| Coffee Shop & Co-Working | 1,741 | 3.2% | 1,245 | 1,200 | 2.09 | 1.49 |
| Retail Concept Store | 1,502 | 2.8% | 1,074 | 600 | 0.90 | 0.64 |
| Kids Entertainment | 1,307 | 2.4% | 934 | 600 | 0.78 | 0.56 |
| Accessories | 1,186 | 2.2% | 848 | 1,200 | 1.42 | 1.02 |
| Supermarket | 1,074 | 2.0% | 768 | 800 | 0.86 | 0.61 |
| Farmer's Market (lump-sum rent SAR 150,000/yr) | 1,048 | 1.9% | 749 | 143 | 0.15 | 0.11 |
| Gift Shop | 911 | 1.7% | 651 | 1,900 | 1.73 | 1.24 |
| Jewelry | 868 | 1.6% | 621 | 1,400 | 1.22 | 0.87 |
| Coffee Shop & Breakfast | 835 | 1.5% | 597 | 1,400 | 1.17 | 0.84 |
| Footwear | 796 | 1.5% | 569 | 1,000 | 0.80 | 0.57 |
| Cosmetics | 715 | 1.3% | 511 | 900 | 0.64 | 0.46 |
| IT&C | 624 | 1.2% | 446 | 1,200 | 0.75 | 0.54 |
| Children Retail | 500 | 0.9% | 357 | 900 | 0.45 | 0.32 |
| Convenience | 449 | 0.8% | 321 | 1,200 | 0.54 | 0.39 |
| Pastry Shop | 201 | 0.4% | 144 | 1,400 | 0.28 | 0.20 |
| Gift Shop & Book Shop | 188 | 0.3% | 134 | 1,700 | 0.32 | 0.23 |
| Bookshop | 130 | 0.2% | 93 | 900 | 0.12 | 0.08 |
| Nuts & Convenience | 125 | 0.2% | 89 | 1,600 | 0.20 | 0.14 |
| Chocolates & Gifting | 67 | 0.1% | 48 | 1,600 | 0.11 | 0.08 |
| Optics | 65 | 0.1% | 46 | 1,000 | 0.07 | 0.05 |
| Storage | 4,087 | 7.6% | 2,922 | 300 | 1.23 | 0.88 |
| Total | 53,985 | 100% | 38,597 | 1,102 avg | 59.5 | 42.5 |
Savills Tenant Mix, 24 July 2024, p.5: indoor estimated rents by function; first-floor units at −30%, outdoor and terraces at 50% of indoor rates, storage at SAR 300; Farmer's Market at a SAR 150,000 lump sum. Potential rent is GLA × indoor rate at 100% occupancy before those adjustments.
| SAR M — Savills income lines × Phase 1 scale factor (38,597 ÷ 53,987 = 0.715) | 2028–40 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | 2036 | 2037 | 2038 | 2039 | 2040 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Rental income — units (base rent + revenue share) | 447.4 | 5.4 | 21.8 | 28.6 | 34.8 | 34.8 | 34.8 | 38.2 | 38.2 | 38.2 | 42.1 | 42.1 | 42.1 | 46.3 |
| Rental income — specialty leasing | 56.5 | 0.9 | 3.5 | 3.9 | 4.3 | 4.3 | 4.3 | 4.7 | 4.7 | 4.7 | 5.2 | 5.2 | 5.2 | 5.7 |
| Service charge income (15% of base rent) | 67.1 | 0.8 | 3.3 | 4.3 | 5.2 | 5.2 | 5.2 | 5.7 | 5.7 | 5.7 | 6.3 | 6.3 | 6.3 | 6.9 |
| Marketing income (5% of rent) | 22.4 | 0.3 | 1.1 | 1.4 | 1.7 | 1.7 | 1.7 | 1.9 | 1.9 | 1.9 | 2.1 | 2.1 | 2.1 | 2.3 |
| Sponsorship | 79.4 | 0.5 | 2.1 | 4.3 | 6.4 | 6.4 | 6.4 | 7.1 | 7.1 | 7.1 | 7.8 | 7.8 | 7.8 | 8.6 |
| Media sales income | 82.2 | 1.3 | 5.1 | 5.7 | 6.2 | 6.2 | 6.2 | 6.9 | 6.9 | 6.9 | 7.5 | 7.5 | 7.5 | 8.3 |
| Retail revenue | 755.0 | 9.2 | 36.9 | 48.2 | 58.7 | 58.7 | 58.7 | 64.5 | 64.5 | 64.5 | 71.0 | 71.0 | 71.0 | 78.1 |
Savills pro-forma p.7 (income summary including mezzanine) Years 1–3 at 50% / 70% / 92% occupancy, scaled to the Phase 1 GLA; 2028 soft opening at the Q4 factor; +10% step-up every three years from 2031. Sponsorship and media income scaled with the GLA for prudence.
| Reconciliation to the Savills pro-forma (Year 3, stabilised) | Value |
|---|---|
| Savills rental income — units, Year 3 at 92% occupancy (SAR M, 53,987 sqm) | 48.63 |
| ÷ 92% occupancy = gross unit rent at full occupancy (SAR M) | 52.86 |
| Blended factor vs 100% indoor rates (first floor −30%, outdoor & terraces 50%, step-up) | 0.89 |
| Phase 1 scale factor (38,597 ÷ 53,987) | 0.71 |
| Phase 1 unit rent, Year 3 (SAR M) = Savills × scale | 34.77 |
| Phase 1 total retail revenue, Year 3 incl. service charge, specialty, sponsorship, marketing, media (SAR M) | 58.67 |
| Revenue per occupied sqm at stabilisation (SAR/yr) — all income lines ÷ (GLA × 92%) | 1,652.20 |
| Revenue per sqm of total GLA at stabilisation (SAR/yr) | 1,520.03 |
| Unit rent per occupied sqm at stabilisation (SAR/yr) = average indoor rate × blended factor | 979.17 |
The exhibit rate is per occupied sqm (GLA × occupancy) so it stays comparable with Savills' quoted rents and does not collapse during the 50 / 70 / 92% ramp; the per-total-GLA figure is shown alongside it. The 0.889 factor is derived to tie the mix to Savills' Year 3 (it also absorbs Savills' step-up assumption) — it is not an independent input.
Renders: Zuhair Fayez Partnership; tenant-mix imagery from the Koushan information memorandum.