Dar Al Arkan Real Estate Development Company recently entered into an agreement with Luxury Hotels - The Ritz-Carlton to lease 98 residential units on an area of 14,816 square meters in the Al Qasr project developed by Dar Al Arkan in Riyadh to house the company's employees and their families for a period of 3 years.
This is the second agreement. <This is the second agreement; Luxury Hotels previously leased 63 residential units on an area of 9,511 square meters in the Al Qasr project. This brings the total number of residential units leased by Luxury Hotels at Al Qasr to 161 units on a total area of 24,327 square meters.
Luxury Hotels has leased a total of 161 residential units on a total area of 24,327 square meters.
Commenting on this agreement, Yousef Bin Abdullah Al Shalash, Chairman of Dar Al Arkan Real Estate Development Company, said: “The contract between the two sides comes in support of the company's plans to achieve the highest rental operating rates for the Al Qasr project and raise the ceiling of the company's revenues from income-generating real estate assets,” noting the success of Dar Al Arkan's plans to introduce rental properties in the Al Qasr project as one of the company's sustainable sources of revenue, as part of its efforts to diversify its sources of revenue.
Dar Al Arkan Real Estate Development Company Chairman Yousef Bin Abdullah Al Shalash said. Al Shalash also pointed out that Dar Al Arkan aims to rent premium housing that meets the requirements of government and private institutions that wish to provide housing for their employees and their families, and that Dar Al Arkan achieves several objectives through this type of rental contracts, including securing long-term rental contracts that are guaranteed to be paid on time.
Al Shalash added that Dar Al Arkan's plans to introduce rental properties in the Al Qasr project were successful. <Al Shalash added: “The model of the Al Qasr project developed by Dar Al Arkan in Riyadh according to the philosophy of comprehensive urban development that takes into account all human, environmental, cultural, social and economic dimensions in housing, has made it an attractive modern residential environment for individuals and institutions because of the integrated services it provides to the residents of the project, and the social, security and environmental components of the palace that stimulate housing.”
Al Shalash praised the model of the Al Qasr project developed by Dar Al Arkan in the city of Riyadh. <Al-Shalash praised the selection of the Luxury Hotel Group - The Ritz-Carlton Hotel for the Palace project to house their employees and their families and thanked them for their confidence in Dar Al Arkan products, and mentioned that there are many governmental and private organizations that have chosen the Palace project to house their employees and their families. Boodle Hotel Management and Operation Company has also rented many units in order to provide hotel services for furnished apartments. This is an indication of what these organizations found in the Al Qasr project of an integrated and suitable residential environment, and a high level of quality and design. In addition to the availability of supporting services and recreational facilities, as well as the presence of Al Qasr Mall, one of the largest and most important commercial centers in the city of Riyadh within the scope of the project, all of which achieve elements of attraction for the employees of these companies and their families in a distinctive social environment, in addition to the distinctive location of the Al Qasr project in south central Riyadh and its proximity to major landmarks and services, as well as easy access through main roads, making it an ideal location.
The project is located in the south of downtown Riyadh.
