Saudi Arabia’s two real estate giants Dar Al Arkan and SNASCO Real Estate have signed a joint agreement to develop a luxury residential tower on Jeddah Corniche, an area known for its residential and recreational destinations.
The joint venture, signed on Monday, aims to drive the development of the luxury property market, and catalyse the diversification and growth of the kingdom’s real estate industry.
“The new joint venture embodies the strategic aspirations of Dar Al Arkan and SNASCO, not only in contributing to and elevating the real estate sector for the future of the economy, but also in forging local collaborations to achieve important developmental milestones for the kingdom,” said Yousef Al Shelash, chairman, Dar Al Arkan Properties.
“This project reinforces our new strategic direction to focus on the enhancement and growth of the Western Region, specifically Jeddah, and highlight the transition of the real estate sector to world-class standards,” he continued.
The luxury tower will consist of 300 apartments and work on it is expected to start in the last quarter of the year.
Yousef Al Shelash, chairman, Dar Al Arkan Properties
“We are delighted to work with Dar Al Arkan on this unique project. Bringing together the strengths and expertise of both of our organisations will position this world-class residential tower as a much sought-after development and set new standards for luxury living,” said Saleh Al Sorayei, chairman, SNASCO Real Estate.
“A visionary project that sets highly competitive standards, it will further diversify the choices available in the luxury real estate market,” he added.
Jeddah Corniche stretches over 30 kilometres along the coast and features restaurants, retail outlets, hotels, an aquarium, a cultural centre, parks, and fountains. Dar Al Arkan and SNASCO’s luxury tower will add to the corniche’s appeal as a prominent residential location.
This comes in as Dar Al Arkan announced in May that it is introducing exclusive co-branded villas with global designer Elie Saab to be part of the Shams Ar Riyadh project, located north of Riyadh. The world-renowned designer will provide the creative guidance and curate the refined design elements that encapsulate the project.
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