Saudi-based Dar Al Arkan Real Estate Development Company expects rent income to gradually rise from near-zero last year to 1 billion riyals ($266.7 million) by end-2015, its general manager said on Saturday.
"We expect a rent income of between 300 million and 350 million riyals in 2011 alone. It will gradually rise to 1 billion riyals in annual revenue by end-2015," Saud Al-Gusaiyer said.
The bulk of the rent revenue will come from Dar al-Arkan's Al-Qasr property project in Riyadh, where the firm plans to rent 1,318 housing units, 145,000 square metres (1.6 million sq ft) of commercial space and 20,000 square metre of office space, Gusaiyer said.
Al-Qasr, built to cater for a population of 20,000, has a total 3,050 housing units of which 1,732 units were put up for direct sale. Dar Al-Arkan started selling units at Al-Qasr last year.
"By end-June, 320 housing units remained to be sold. We hope to sell them all by end the end of this year," Gusaiyer added.
Dar al-Arkan is Saudi Arabia's largest real estate firm.