Saudi real estate development company Dar Al-Arkan has announced the launch of a new prime real estate development in the heart of Makkah.
The upcoming project, dubbed Dar Al-Mashaer, is a seven-tower development, covering 6,300 square meters of two, three and four-bedroom apartments, six penthouses and a private swimming pool.
Located a ten-minute drive from the Holy Mosque and Jamarat Bridge, the developer is offering buyers a 12-year installment payment plan.
On site, Dar Al-Mashaer will also offer shuttle buses to pick and drop off guests at the Holy Mosque.
Chairman of Dar Al-Arkan Yousef Al-Shalash said that the new establishment was the company’s way of taking part in the Kingdom’s 2030 Vision of diversifying the economy.
“The launch of Dar Al Mashaer offers an exclusive investment opportunity and the fulfillment of a dream for every Saudi to own a property in Islam’s holiest city,” he said.
The development will include an on-ground mosque within its complexes. It will also secure a shopping experience for its guests through select shops and cafes.
Founded in 1994, Dar Al-Arkan Properties is headquartered in Riyadh and has contributed to the development of more than 30 commercial, residential and real estate projects in the Kingdom.
The new project is part of the Saudi government’s aim to increase homeownership in the Kingdom to 70 percent as part of the Vision 2030 targets, up from 50 percent in 2018.
Earlier this week, the Saudi Central Bank (SAMA) announced that the total number of new residential mortgage loans approved in the Kingdom in January 2021 grew 35 percent year-on-year, with the total value of loans surging 60 percent year-on-year to SR16.4 billion ($4.37 billion).