Dar Al-Arkan launches SAR 600 mln villa development in Riyadh

Dar Al-Arkan Real Estate Development Co. has launched the SAR 600 million Mirabilia residential villas in the SAR 10 billion Shams Ar Riyadh Development, the Tadawul-listed developer said in a statement on Monday.

The Mirabilia project offers custom-built three- to seven-bedroom residential villas ranging from 300 square meters (sqm) to 1,600  sqm in the five million sqm Shams Ar Riyadh mixed-used development.

Infrastructure works investment in Shams Ar Riyadh so far is of over SAR 1 billion, including two power substations as well as main access roads.

Key tenants of the project include the Saudi Basic Industries Corporation (SABIC), which entered into a strategic partnership with Shams Ar Riyadh for employee housing.

The SABIC Residential Complex comprises 600 fully equipped residential units built on a 1.8 million sqm area, Dar Al-Arkan said, adding that many of SABIC’s team members moved in starting 2017.