Saudi's Dar Global Eyes $300 Million Investment in US Luxury Real Estate
Dar Global plans to invest $300 million in New York, Miami, and Los Angeles, seeking partners to develop luxury homes in the US.
Luxury Real EstateDar GlobalInvestmentUs Property MarketSaudi ArabiaReal EstateJun 28, 2024
The investment will be focused on developing luxury homes in New York, Miami, and Los Angeles, and Dar Global is currently meeting with top real estate developers to find suitable partners for the projects. Although El Chaar declined to identify the firms, he emphasized that the company is committed to closing its first project in the US before the end of the year.
To finance its US projects, Dar Global is prepared to raise debt both within and outside the US, with the $300 million investment coming in the form of equity. The company hopes to sell at least half of the homes in its US developments to non-US buyers, capitalizing on its experience in catering to international clients.
Dar Global has a significant presence in the Gulf region, and its parent company, Dar Al Arkan, has partnered with the Trump Organization to develop a $4 billion project in Oman. However, El Chaar noted that while it would be an honor to partner with the Trump Organization or Kushner Companies in the US, he believes they do not have the right product for Dar Global's target market.
The company's focus on international buyers sets it apart from other luxury real estate developers in the US, and its investment is expected to generate significant interest in the market. As the US luxury real estate market continues to grow, Dar Global's entry is poised to shake up the industry.
Information
Dar Al Arkan Real Estate Development Company is a leading Saudi property developer with a strong presence in the Gulf region. Its international arm, Dar Global, is listed on the London Stock Exchange and has a growing portfolio of luxury real estate projects around the world.
Dar Al Arkan Real Estate Development Company is a Saudi Arabian property developer with a focus on luxury real estate projects in the Gulf region and beyond. Its international arm, Dar Global, is listed on the London Stock Exchange and is committed to delivering high-quality developments that meet the needs of discerning clients.
Frequently Asked Questions
How much is Dar Global investing in the US luxury real estate market?
$300 million
Where will Dar Global's US projects be located?
New York, Miami, and Los Angeles
What type of properties will Dar Global develop in the US?
Luxury homes
Who is Dar Global's target market in the US?
International buyers
When does Dar Global hope to announce its first US project?
Before the end of the year
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