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Quality Horizons announces SR 700 million Taqasom venture

Saudi Arabia: Saturday, April 17 - 2004 @ 16:18

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.

Leading Saudi management consultancy Quality Horizons is marketing unique fixed-lease packages for apartments inside the Eastern Tower of the exclusive Taiba Residential and Commercial Center, only a stone’s throw from the mosque’s main entrance.

Taqasom, the brand name of the lease scheme, is the product of two years’ research and the project is valued at SR700 million. Taqasom means ‘sharing’ in Arabic.

The programme offers a choice of 143 apartments for rent for a minimum of one week per year for a fixed period of 50 years. All in all, apartments for a total of 6,400 weeks are up for rent.

Addressing the press at the Dubai launch of Taqasom, Dr Abdullah Al-Khalaf, General Manager of Quality Horizons, said: “In value terms this is one of the biggest real estate projects in the world. Madinah and the Prophet Mohammad Mosque are uniquely important to Muslims, and Taqasom offers five-star accommodation right on the mosque’s doorstep.

“Interest in the programme is high and a significant number of leases have already been sold. We expect leases worth SR500 million to go to corporations and prestige buyers.”

Dr Al-Khalaf added: “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 SR700 and SR1,000 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 sub-let, 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 programmes.

One to five-bedroom apartments are available in four categories – High, Elite, Advanced, and Pioneer – and rents start from just under SR19,000. The most sumptuous apartments have a clear view of the distinctive minarets of the Prophet Mohammed Mosque. Leases can be financed over as long as five years without interest and there are incentives for in-full purchases.

The 20-storey Taiba Center is one of the most prestigious properties in Al Madinah, complete with its own four-floor, 200-outlet shopping mall; business centre; covered parking lot; helicopter pad; and a host of other five-star amenities.

The centre is owned by 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).

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Saturday, April 17- 2004 @ 16:18 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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