The 500,000sqm project will be the largest single real estate project in the Balkan nation, the developer said
Saudi developer Dar Al Arkan has said it has started work on its first European luxury residential project, Sidra, which is billed as an exclusive vacation and housing project in Bosnia.
Covering an area of 500,000sqm, the project is said to be the largest single real estate project in the Balkan nation. With an estimated value of $133mn, the development is a gated community of high specification villas and residential plots designed for modern living. Surrounded by 20,000 trees, the development is in an area that has been classified as one of the healthiest and cleanest in the Balkans, Dar Al Arkan added.
Dar Al Arkan Properties Vice Chairman Ziad El Chaar said: “We are very adamant about moving forward and remaining on track with our development plans for Sidra. We’re also very fortunate to have gained the trust of the Ministry of Public Works to deliver the project based on the highest of standards in collaboration with skilled local partners. As a Saudi company, Dar Al Arkan is eager to create deeper ties to the real-estate and construction sectors and support local and international investment opportunities as drivers of economic growth in Bosnia.”
El Chaar added that Bosnia’s unique Western and Eastern influences give the country a competitive edge. “It’s in a prime position to continue to grow economically, especially with the continued reforms that are increasingly facilitating foreign investment across many sectors,” he stated.
In addition to a variety of residential options, Sidra will feature amenities such as restaurants and cafes, shops and supermarkets, a community mosque, a clubhouse, and a five-star hotel. It is also strategically located to a wide range of attractions including natural caves, rivers, and natural reserves and parks.
Dar Al Arkan recently awarded Cestotehnik d.o.o Tuzla in Bosnia the contract for the execution of full infrastructure and roads works for the whole master plan. The work is expected to be completed in 18 months and will pave the way for the next stages of the real-estate project.
In March 2022, Dar Al Arkan and Omran unveiled a $1.5bn mixed use project in Muscat, while in April, the developer said it completed topping out the $218mn Urban Oasis residential project in Dubai. In June, the developer said it started construction works on the $272mn W Residences Dubai project.