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Saudi developer Dar Al Arkan plans to launch a new residential project in the UAE capital next year, company vice-chairman Ziad El Chaar told Zawya Projects.
“Our growth in the market will always be focused on the second home and vacation home space because that’s where we have the expertise and can add the most value,” he said.
El Chaar said the first two phases of Shams Ar Riyadh will be handed over by the end of the year.
According to the 2021 Annual Report, Shams Ar Riyadh is a mixed-use development covering over 5 million square metres (square meters) divided into five zones. After selling District 2 (estimated at 1.8 million square meters) to SABIC for its staff housing, the developer is currently developing the remaining four districts, with an area of over 3.1 million square meters.
Infrastructure works at Shams Al Arous in central Jeddah are in full swing, El-Chaar said. According to the annual report, the project covers an area of 863,000 square meters and is divided into four areas, including a strip shopping mall development.
In addition, the Saudi-listed developer is expected to begin mobilization in the first quarter of 2023 for its mixed-use real estate project ‘AIDA’ in the Eti district of Muscat.
According to the annual report, in December 2021, Dar Al Arkan signed a memorandum of understanding with the Oman Tourism Development Company to develop the 3.5 million-square-meter portion of the Muscat hilltop site.
Excerpts from the interview:
Q: What is the status of Shams Ar Riyadh? Has construction begun on Shams Al Arous in Jeddah?
Covering over 5 million square meters, Shams Ar Riyadh is our premium masterplan in Riyadh comprising both commercial and premium residential space. Two phases will be handed over before the end of the year, and the other three phases will be completed by June 2023. In Shams Al Arius, all infrastructure works are in full swing, with project delivery expected in the first quarter of 2023.
Q: Can you share the latest news on Dar Al Arkan Pagani Tower?
The Paganita is considered an outstanding work of architecture and design. Work on the tower is currently progressing well and we aim to complete the handover within a year.
The first show apartment – the penthouse – was inaugurated by founder and chief designer Pagani Automobili Horacio Pagani. Delivery of these units is December 2023.
Dar Al Arkan always handles partnerships in a very considerate manner. We look for partners who are masters in their own right, especially in design and engineering, offering our clients unparalleled quality and investment that increases in value and beauty over time.
Q: Are you planning to launch more branded towers in the UAE? Will you bring this brand tower concept to Saudi Arabia?
Our three towers in the UAE are currently under construction [$218 million] Urban Oasis Tower with Missoni, Pagani Tower and [$272 million] W Apartments Dubai – Downtown. We are also planning to launch a new residential project in Abu Dhabi next year.
Looking at the UAE market, there are always opportunities to consider. It is a resilient market given the steady pace of economic growth and low oil prices and inflation compared to many countries around the world.
Our growth in the market will always be focused on the second home and holiday home space as this is where Dar Al Arkan has expertise and can add the most value.
As for the launch of branded towers in Saudi Arabia, this is certainly an attractive offering, but it will depend on the partners that join. It has to be a brand that resonates with our customers and can differentiate and offer a unique value proposition.
Q: How much progress have you made with Omran on the multi-phase development portion of the Yetti & Yenkit summit site?
Our first project in Oman, titled “AIDA”, is one of the largest high-end mixed-use real estate projects in the Itti district of Muscat, overlooking the Sea of Oman. The master plan has been completed and submitted, and we expect to be mobilized to the site by the first quarter of 2023.
Q: Have you seen a significant increase in tender prices over the past two years?
Prices of commodities and basic materials in the construction industry have risen sharply over the past 24 months. We expect moderate cost growth over the next 12 months.
(Reporting by D Madhura; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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