The Taqasom project - said to be the world's largest real-estate development programme of its kind - has begun leasing apartments in the Eastern Tower of the Taiba Residential and Commercial Centre, right on the doorstep of the Al Madina Mosque.
The mosque, the burial site of the Prophet Moham-med (PBUH), attracts millions of worshippers each year and the land overlooking the mosque is among the world's most expensive real estate.
Leading Saudi management consultancy Quality Horizons is marketing this fixed-lease package.
The 20-storey Taiba Centre, owned by the Taiba Investment and Real Estate Development Co, is one of the landmark properties in Madinah. It has a 200-outlet shopping mall, business centre, covered parking lot and helicopter pad.
Taqasom, which means "sharing" in Arabic, offers a choice of 143 apartments for rent for a minimum of one week per year, for a fixed period of 50 years.
Dr. Abdullah Al Khalaf, general manager of Quality Horizons, said 60 per cent of the space in the building has already been sold out, and leasing is offered for the remaining 40 per cent space in the building. All in all, apartments for a total of 6,400 weeks are up for rent.
"In value terms, this project is one of the largest real estate projects in the world. Madinah and theAl Madina Mosque are uniquely important to Muslims and Taqasom offers five-star accommodation right on the mosque's doorstep," said Al Khalaf.
He said response to this programme is high and a significant number of leases has already been sold out. "We expect leases worth 500 million Saudi riyals to go to corporations and top notch buyers."
Bookings of leases for the project are made according to the Hijri calender, meaning customers can reserve an apartment through Taqasom in the same week of Ramadan every year, for the duration of the lease.
Customers can bequeath leases and apartments can be sub-let, making Taqasom an attractive proposition for corporations and tour operating companies.
One- to five-bedroom apartments are available in four categories - high, elite, advanced and pioneer - and rents start from about 19,000 Saudi riyals.
Leases can be financed for periods as long as five years without interest, and there are incentives for purchases with upfront payments.
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