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
Related News Articles
Mumbai Sees Surge in Property Registrations: A Sign of Resilient Real Estate Market
The Mumbai property market is showing signs of resilience, with a 12% year-on-year increase in registrations in June, driven by strong demand and positive economic sentiment.
Central Railway Uncovers Counterfeit Ticket Scam on Godan Express
Mumbai: Central Railway's vigilance department has uncovered a major ticket scam on the Godan Express, where passengers were being duped with counterfeit tickets. The scam, which was prevalent during the festive season, saw many travelers unknowingly carr
Mumbai Metro Line 4 Costs Rise by Rs 12.74 Billion
The construction of Mumbai Metro Line 4, a crucial project for the city's transport infrastructure, has seen a significant rise in costs, with an additional expenditure of Rs 12.74 billion. This project, aimed at easing traffic congestion and improving co
High-Value Home Loans Surge in Q4 2024, Driven by Premium Housing Demand
A significant surge in demand for high-value home loans was observed in Q4 2024, with the Rs 50 lakh – Rs 1 crore segment leading the way. This trend highlights a growing preference for premium housing, particularly in cities like Pune and Gurugram.
YSRCP Alleges Naidu Misusing Lord Venkateswara for Real Estate Firm
The YSRCP party has called for an investigation into Chief Minister Naidu's alleged misuse of Lord Venkateswara as a brand ambassador for a real estate firm, highlighting concerns over the weakening of institutions.
Beed Mosque Blast Case: Maharashtra Police Invoke UAPA Against 2 Accused
In a significant development in the Beed Mosque blast case, the Maharashtra Police have invoked the Unlawful Activities (Prevention) Act (UAPA) against two accused. The move is seen as a stringent step to ensure a thorough investigation and bring those responsible to justice.