DAAR pursues off-plan sales license from the Ministry of Housing
Riyadh, Saudi Arabia, 21 October, 2018: Dar Al Arkan, the largest listed real estate developer in the Kingdom of Saudi Arabia, today announced that it has submitted a request to ETMAM, the Developers Services Centre at the Saudi Ministry of Housing, for the accreditation of three comprehensive development projects in Shams Ar Riyadh, totaling over 1.936 million square meters. The company also applied for the issuance of off-plan sales license for projects under construction in Shams Ar Riyadh.
The new masterplans involve three zones in the iconic Shams Ar Riyadh development, which is strategically located on King Khalid Road. The comprehensive development in Zone 1 will be built over an 849,000 square metres area. The Zone 3 masterplan covers 449,000 and Zone 5 involves a 638,000 square metres area. Shams Ar Riyadh incorporates residential, commercial, and mixed-use spaces, overlooking the stunning views of Wadi Hanifa.
Yousef Bin Abdullah Al Shelash, Chairman of Dar Al Arkan Development, said: “We are pleased to be part of the ETMAM initiative and have submitted 3 projects in RIYADH for its processing. We are confident that with the introduction of ETMAM, the overall approval for new projects will be accelerated to the benefit of all developers and stakeholders. This step will further shape the development of Shams Ar Riyadh to support a thriving residential and business community. Working together with ETMAM, we can transform the new zones into distinct holistic, sustainable communities with active and vibrant lifestyles.”
The accreditation of the new masterplans in the three zones in Shams Ar Riyadh follows on from the development of the SABIC Residential Complex, which comprises of 600 fully equipped residential units built on a 1.8 million square meters area in Zone 2 and the mobilisation of the infrastructure work in Mirabilia, the upscale residential villas with interiors by Italian fashion house Roberto Cavalli, in Zone 4.
Infrastructure works investment so far is of over SR 1 billion, including two power substations as well as main access roads.