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Dar Al-Arkan Real Estate Development Co. currently has a land bank of 35 million square meters (sqm) across Riyadh, Jeddah, the Eastern Province, Makkah and Madina, along with other smaller land plots in rural towns, chairman Yousef Al-Shelash, told CNBC Arabia on Wednesday.
Two taxable land plots are under development in Jeddah and Riyadh, he said, adding that the outlook on undeveloped land fees is still unclear.
The Saudi-listed real estate developer has some concerns about off-plan sales; however, the new laws issued by the commerce ministry will be positive and will drive the company to engage in those activities.
Commenting on the company’s cooperation with the housing ministry, Al-Shelash added that no deals have been yet signed with the ministry. However, talks are ongoing about several projects, in light of the ministry’s initiatives to boost housing.
Dar Al-Arkan hopes to win a good share in such projects this year.
Al-Shelash said 2016 was a tough year not only for the real estate sector, but for all industries, adding that the company recorded the lowest profit decline compared to its peers.
The economy might also witness another tough year in 2017, as the prospects are still unclear.
“However, I hope that the real estate sector will stand out and recover, backed by the housing ministry’s plans,” he said.
Al-Shelash commented on Dar Al-Arkan’s Islamic bond issues, adding that sukuk is one of the best long-term financing channels, as the company’s projects need five to seven years to be finalized.
Meanwhile, the real estate developer has concerns about short-term finance options, especially following the global financial crisis in 2008.
The company will repay the remaining two sukuk issues worth $950 million (SAR 3.56 billion) by mid-2018 and 2019-end.
Al-Shelash also mentioned that shareholders’ equity and the company’s capital have doubled, thanks to Dar Al-Arkan’s growth plan, which entailed withholding dividends since 2010.
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