Receiving didReceiveMemoryWarning on loading a 3D model using ARKit

I am trying to load a 3D model which is of huge size(say close to 490 mb) and texture files close to 94mb using ARKit- Scenekit. Every time I try to place the object, the app is being killed automatically with memory warning. I am following the ARKit Placing objects sample to place my model.

How to deal with memory warnings in ARKit? I also cleared all the caches in didReceiveMemoryWarning by using the below code but still no luck, Is there any limitation for 3D model size in ARKit? Is there any best practices or pre requisites for the models that are used in ARKit so that we can have highly detailed model without any memory issue?

override func didReceiveMemoryWarning() {
 URLCache.shared.removeAllCachedResponses() 
 URLCache.shared.diskCapacity = 0 
 URLCache.shared.memoryCapacity = 0 
 print("didReceiveMemoryWarning")
 self.showAlert(errorTitle: "Alert", errorMessage: "Terminating app due to memory issue")
}