Dar Al Arkan to develop $985m residential project in Saudi Arabia
RIYADH, October 25, 2021
Dar Al Arkan, a leading real estate company in Saudi Arabia, has signed an agreement with Madinat Al Wouroud Housing Development company to jointly set up a premium residential project at an investment of SR3.7 billion ($985 million) in Taif governorate in the kingdom's southwest region.
The project will be developed on an area of 1 million sq m while fully respecting and preserving the topography and unique environmental features of Taif.
It will offer premium residential units ranging from apartments, villas, and townhouses in addition to a variety of commercial facilities and amenities.
While the project targets the residents of Taif and the surrounding area, it will also promote the city across the kingdom as a key destination and a valuable opportunity for customers to purchase exceptional summer homes to enjoy Taif’s mountainous nature, valleys, cooler weather and rose farms which fully blossom in August.
Chairman Yousef Al Shelash said: "We are delighted to be partnering with Madinat Al Wouroud Housing Development, a company experienced in developing and managing high-quality residential communities, to deliver this unique project for the residents of Taif and the citizens of Saudi Arabia."
"In full appreciation of Taif’s natural elements, Dar Al Arkan will ensure that the new project is environmentally friendly. We expect to see high demand for this project in one of the most desirable cities in the Kingdom and Saudi Arabia's unofficial summer capital to enjoy the milder climate, it’s natural beauty and annual cultural festivals," he stated.
Chairman Dr Abdul Kader Obeikan said: "This partnership provides us with a remarkable opportunity to combine our extensive expertise in real estate development. Dar Al Arkan has an outstanding reputation and track record and will be an excellent partner to promote Taif as a desirable destination for Saudis."
"We have many remarkable destinations in the Kingdom, and Taif stands out as truly unique and we will showcase this as part of our residential project," he stated.
The development of the new residential project is due to begin in the first quarter of 2022 and is expected to be completed within four years, he added.-TradeArabia News Service
