Riyadh - A deal to develop a premium residential project in the governorate of Taif in the Southwest of Saudi Arabia has been agreed between two real estate developers in the Kingdom.
Dar Al-Arkan Real Estate Development Co. has signed a joint agreement with Madinat Al Wouroud Housing Development company to develop the SR3.7 billion ($986m) project on an area of 1 million sqm while 'preserving the topography and unique environmental features of Taif', a statement by the company said.
The development of the new residential project is due to begin in the first quarter of 2022 and is expected to be completed within four years.
The new project will offer premium residential units ranging from apartments, villas, and townhouses in addition to a variety of commercial facilities and amenities.
The project is aimed at existing residents of Taif and the surrounding area, but will also be marketed at Saudi citizens across the Kingdom as a key destination for the summer tapping into the lucrative second-home market.
Yousef Al Shelash, chairman, Dar Al-Arkan said: "We expect to see high demand for this project in one of the most desirable cities in the Kingdom and Saudi Arabia's unofficial summer capital to enjoy the milder climate, it’s natural beauty and annual cultural festivals."