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Saudi real estate development company Dar Al-Arkan has launched sales of its luxury vacation project in Bosnia.
Work will begin on site this summer and is expected to be completed in 36 months. Potential buyers will be invited to select their preferred site and choose their model of villa from a range of options, the developer said in a statement Tuesday.
The project, first announced in November last year, is located in Bosnia and Herzegovina, 30 minutes from the country's capital, Sarajevo.
Yousef Bin Abdullah Al Shalash, the chairman of Dar Al Arkan, said: “After launching our project in Dubai, we are now expanding into Bosnia which presents a golden opportunity to purchase a piece of prime real estate in a highly desirable European destination and we believe it will attract Bosnian, Saudi and international investors.”
The Saudi developer will collaborate with local Bosnian architects, consultants and contractors on this project.
Named Sidra, meaning life among the forests, the 500,000 sqm development will be surrounded by 20,000 native trees and is the largest single real estate project in Bosnia, the statement said.
The company hasn’t yet reported its latest financial results. For the nine-month 2020, it said profit plummeted to 4.19 million riyals ($1 million) from 253.34 million riyals in 2019 on lower sales and high cost of funds.
(Writing by Brinda Darasha; editing by Daniel Luiz)
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