11 October 2009
Dar Al-Arkan Real Estate Development Company announces its new residential project Shams Al-Arous, which will be located in the east of Jeddah city on an area of over three million square meters. The Company is planning to develop the project as a modern integrated master planned community, which will include more than 10,000 units and all public service facilities including well coordinated public parks, entertainments centers, shopping centers, offices, restaurants, schools, mosques, etc These amenities will provide Shams Al-Arous residents with a very distinct living style.
Construction of the first phase, which includes 2000 units is expected to start during 2010 and the entire project execution should last five years from the start. The total estimated investment value of the project is SAR 7.5 billion, with the first phase having an estimated cost of SR1.5 billion. The project will be financed through a mix of its own generated funds, the Company's cash flows from operations and external funds.
Shams Al-Arous Project comes in line with the company strategy in developing large master planned communities in the local market, which experiences a growing demand for the real-estate products and especially in the housing sector.
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Dar Al-Arkan Real Estate Development Company announces its new residential project Shams Al-Arous, which will be located in the east of Jeddah city on an area of over three million square meters. The Company is planning to develop the project as a modern integrated master planned community, which will include more than 10,000 units and all public service facilities including well coordinated public parks, entertainments centers, shopping centers, offices, restaurants, schools, mosques, etc These amenities will provide Shams Al-Arous residents with a very distinct living style.
Construction of the first phase, which includes 2000 units is expected to start during 2010 and the entire project execution should last five years from the start. The total estimated investment value of the project is SAR 7.5 billion, with the first phase having an estimated cost of SR1.5 billion. The project will be financed through a mix of its own generated funds, the Company's cash flows from operations and external funds.
Shams Al-Arous Project comes in line with the company strategy in developing large master planned communities in the local market, which experiences a growing demand for the real-estate products and especially in the housing sector.
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© Press Release 2009
