Saudi real estate development company Dar Al-Arkan has launched deals of its luxury vacation project in Bosnia.
Work will start on site this summer and is predicted to be finished in 36 months. Potential buyers will be asked to select their preferred site and select their model of the villa from a number of options, the developer provided in a statement on Tuesday.
The project, first informed in November the previous year, is situated in Bosnia and Herzegovina, 30 minutes from the country’s capital, Sarajevo.
Yousef Bin Abdullah Al Shalash, the chairman of Dar Al Arkan, said: “After launching our project in Dubai, we are now expanding into Bosnia which presents a golden opportunity to purchase a piece of prime real estate in a highly desirable European destination and we believe it will attract Bosnian, Saudi and international investors.”
The Saudi developer will partner with local Bosnian architects, consultants, and contractors on this project.
Named Sidra, which means life among the forests, the 500,000 sqm improvement will be surrounded by 20,000 local trees and is the biggest single real estate project in Bosnia, the statement said.
The company hasn’t yet revealed its most recent financial results. For the nine-month 2020, it said benefit plunged to 4.19 million riyals ($1 million) from 253.34 million riyals in 2019 on lower deals and significant expense of assets.