A new real estate venture is allowing Muslim pilgrims to lease apartments right next to one of the holiest sites in Islam. Saudi management consultancy Quality Horizons is marketing fixed-lease packages for apartments inside the Eastern Tower of the exclusive Taiba Residential and Commercial Center, right next to the Prophet Mohammed Mosque in Al-Madinah, Saudi Arabia.
The Prophet Mohammed Mosque in Al-Madinah, Saudi Arabia, attracts millions of worshippers each year, and the surrounding land overlooking the mosque is among the most expensive real estate in the world.
Taqasom, the brand name of the lease scheme, is the product of two years' research and the project is valued at 700 million Saudi riyals ($186 million). The program offers a choice of 143 apartments for rent for a minimum of one week per year for a fixed period of 50 years.
"We expect leases worth SR 500 million to go to corporations and prestige buyers," said General Manager of Quality Horizons, Abdullah Al-Khalaf. "Taqasom respects Islamic principles and offers protection against annual hotel room price fluctuations. A typical hotel room in Al-Madinah in high season can cost between SR 700 and SR 1,000 per night. Taqasom offers five-star accommodation at a fraction of that cost."
Bookings are made according to the Hijri calendar, meaning customers can reserve an apartment through Taqasom in the same week of Ramadan every year for the duration of the lease.
Customers can bequeath leases and apartments can be sublet, making Taqasom an attractive proposition for corporations and tour companies. The apartment number is also fixed at the point of purchase, a feature uncommon to most 'sharing' leasing programs.
The 20-storey Taiba Center is one of the most prestigious properties in Al-Madinah. It is owned by the Taiba Investment and Real Estate Development Company.
Established three years ago, Quality Horizons is a Riyadh-based management consultancy with sister offices in Jeddah, Dammam, Madinah, Amman, Doha, Muscat and Dubai. Services include research, data management, product development, and Enterprise Resource Planning (ERP). — (menareport.com)
© 2004 Mena Report (www.menareport.com)
