Under The Patronage of Ministry of Public Works & Housing
Under The Patronage of Ministry of Public Works & Housing
Property developer Arada has revealed plans to build a $7 billion "UAE-style" mixed-use real estate project in Syria.
The new project in the west of Damascus will have 11,000 homes, including residential apartments, villas and townhouses, branded residences, 500 hotel rooms, and 1,000 serviced apartments, Arada said in a statement.
There will also be two schools for 5,000 pupils, a 300-bed hospital, office space, commercial space, retail areas and government service buildings.
“It’s a UAE-style fully integrated community, with all the amenities, social infrastructure, F&B, retail, plenty of greenery, sporting facilities and good quality homes ... a complete mixed-use development,” Ahmed Alkhoshaibi, group chief executive of Arada, told The National by the phone from Damascus.
The project is to be built in phases over 10 years, with construction of homes and infrastructure to begin next year, he said. There is strong demand for “good quality homes” in Syria, driven by local residents and foreign citizens living abroad, he added.
“You have the local current demand, which is very strong for good communities, but then you also have Syrians living outside, who want to invest, have a home or a holiday home, or for an investment in the country. So that demand will continue to grow," Mr Alkhoshaibi said.
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Source: The National
