Two leading Saudi real estate companies with a broad portfolio of prestigious projects - Dar Al Arkan and Snasco - have joined hands to develop a new luxury residential tower in the heart of Jeddah Corniche.

 

Featuring around 300 luxury apartments directly overlooking the Red Sea, these residences will capture the timeless appeal of seafront living coupled with modern living amenities and services.

 

Work on the development is expected to start in Q4 2021, said the duo after signing the agreement.

 

A hit with the residents and visitors, the Jeddah Corniche, which stretches over 30 km along the coast, is one of the most popular residential and recreational destinations featuring restaurants, retail outlets, hotels, an aquarium, a cultural centre, parks, and fountains. 

 

Dar Al Arkan and Snasco's luxury tower will further amplify the corniche’s appeal as a prominent residential location.

 

On the new project, Dar Al Arkan Properties Chairman Yousef Al Shelash said: "This joint venture embodies the strategic aspirations of both companies, not only in contributing to and elevating the real estate sector for the future of the economy, but also in forging local collaborations to achieve important developmental milestones for the kingdom."

 

"This project reinforces our new strategic direction to focus on the enhancement and growth of the Western Region, specifically Jeddah, and highlight the transition of the real estate sector to world-class standards," he added. 

 

Snasco Chairman Saleh Al Sorayei said: "We are delighted to work with Dar Al Arkan on this unique project. Bringing together the strengths and expertise of both of our organisations will position this world-class residential tower as a much sought-after development and set new standards for luxury living."

 

"A visionary project that sets highly competitive standards, it will further diversify the choices available in the luxury real estate market," he added.-TradeArabia News Service