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Shams Al Arous Project
Overview
Establishing a residential and commercial masterplan east of Jeddah, on Palestine Road. The project spans 863,000 square meters and divided into 4 zones, in addition to a shopping mall and over 10,000 residential units. The project also includes 876 land plots, a various residential and mixed-use buildings, and service facilities including parks, entertainment centers, shopping malls, offices, restaurants, schools and mosques.
The project’s total investment cost is SAR 7.5 billion. Phase I cost, which includes developing 2,000 units, is SAR 1.5 billion.
Project Information
- Real Estate > Landlords and developers
- By the end of 2013, the project’s infrastructure was 100 percent complete. In Q3 2017, the company sold 288,000 square meters of the project’s total area. Construction is set to start in 2018, after obtaining an approval on the master plan following the rehabilitation of the project’s infrastructure.
- The infrastructure work has been updated and completed and is expected to be completed in 2021, and designs have been updated in preparation for the launch of sales during 2021.
- By the end of 2021, the company announced that the construction works were 50% complete.
- In its 2022 board report, the company revealed that above 60% of the onsite construction work was completed by the end of 2022 and out of the total 876 plots in the project, 244 plots were released for sale, and all of these were sold or booked.
- In Q2 2023 investor presentation, the company revealed that 243 plots out of 266 plots available for sale were sold/booked.
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In Q3 2023 investor presentation, the company revealed that 244 plots out of 267 plots available for sale were sold/booked.
Owners
Related Parties
Financing Sources
Project Developments
A review of Dar Al Arkan projects, investors, board ownership changesArgaam Special20/04/2022
A look at Dar Al Arkan’s projects, board ownership changesArgaam Special14/04/2020
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