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The developer holds a positive market outlook for 2024, but is wary of higher interest rates
Dar Al Arkan Real Estate Development Company expects a positive market outlook in 2024 but is cautious of higher interest rates.
A strong non-oil economy, rising investment, and moderate inflation are tailwinds for the market,” the Saudi-listed developer said in its 2023 annual general report.
Below are updates on some of Dar Al Arkan’s projects compiled by Zawya Projects.
Commendatore Tower, Jeddah
The 48-floor tower will cover a land area of 11,928 sqm. Detailed design is currently being carried out and is expected to be completed this year. A building permit request was submitted to Jeddah Municipality at the end of 2023. Once the building permit is obtained, the construction phase will commence immediately. The concept design was submitted to Jeddah municipality and a pilot project approved by the higher committee in 2022. The project is being carried out by Ibdaa Properties, a joint venture between Dar Al Arkan and Saleh Alsoraye, the landowner.
Shams Ar Riyadh
Infrastructure execution on zones 4A and 4B has been fully completed, and related works on other zones reached 55 percent completion by the end of 2023. However, infrastructure works are currently on hold due to pending approvals from regulatory authorities.
The mixed-use development comprises a total area of 5 million sqm divided into five zones. After selling zone 2, estimated at 1.8 million sqm, to SABIC for their employee housing, the developer is currently developing the remaining four zones over an area of 3.1 million sqm. The remaining zones are sold directly off-plan to end buyers under the WAFI program.
Qasr Khozam, Jeddah
The project is awaiting final approvals to commence phase 1 construction. Infrastructure design was completed for phase 1 in 2021 and a contractor was appointed. In addition, the concept design for the G+7 prototype building has been completed and approved, and the full engineering drawings have been issued and are ready for construction.
Khozam Real Estate Development Company is a joint venture between Jeddah Development and Urban Regeneration Company, which owns a 33.5 percent stake with Dar Al Arkan holding the rest.
Buraidah Hills
Infrastructure works started on 1 May 2022, and are expected to be completed by the second quarter of 2024. At the end of 31 December 2023, the site’s infrastructure work progress was estimated at 95 percent. The project’s development area is nearly 291,000 sqm and includes a total net land area of 186,000 sqm. It will be sold off-plan to end buyers under the WAFI programme.
ETOILE Villas, Sedra master plan by ROSHN
Construction on the project commenced in the second half of 2023 after ROSHN, the master developer, handed the site over to Dar Al Arkan. Progress at the site is almost 33 percent and is estimated to be fully complete by the first half of 2025. The project comprises 163 villas. |
