Darco Real Estate Company has announced a $129.3 million project in the Al Shati district of Jeddah in collaboration with SEDCO Capital and Sahem Financial Platform, following approval from the Capital Market Authority for the "SEDCO Capital Darco Al Shati Fund" as a private closed offering that will bid$17.3 million worth of investment units through Sahem, with a commitment of $9.3 million of in-kind and cash contribution from Darco. The project will span approximately 20,000 square meters over a waterfront area in Jeddah, featuring 28 buildings with over 500 residential units, 600 parking spaces, and an assortment of recreational and sports facilities. The fund aims for significant capital gains from selling these units after 30 months to a variety of buyers including direct purchasers and those buying off-plan or through commercial banks. Dr. Omar Al-Qahtani, CEO of Darco Real Estate, described this as a strategic project designed to meet the highest quality standards and provide luxurious living with unique services near Jeddah's key tourist spots. Dr. Omar Al-Qahtani emphasized the project’s commitment to high-quality living standards within a comprehensive residential complex located strategically near major tourist and entertainment landmarks. He also highlighted the company's goal to utilize its expertise as Jeddah's premier real estate developer to deliver a uniquely luxurious residential experience. SEDCO Capital, a key partner in this ambitious venture, is a closed joint-stock company fully owned by SEDCO Holding Group, authorized by the Saudi Capital Market Authority for multiple investment activities, further empowering this project. (ICE RIYADH)

Fonte notizia: Saudi Gazette