Stakeholders And Commercial Viability Versus Sustainability Assignment

Stakeholders And Commercial Viability Versus Sustainability - Assignment Example At present, obtaining a house through a housing loan is not a popular solution in Saudi Arabia because interest rates are too high and the banks themselves are not keen on extending them considering the absence of specific laws that will protect them in cases of defaults. That will change very soon with the passage of the mortgage law. But what makes the Al Qasr Project more than a bright prospect is the fact there is a sure market of housing in the Kingdom, particularly in Riyadh, because of the rising population, mostly young, and the present housing shortfall. Nevertheless, all stakeholders play vital roles in ensuring that the Al Qasr Project will both be commercially viable and also sustainable. The Al Qasr Project is a mixed-use development complex located in the Al-Suwaidi or Alsweidi suburbs, in Riyadh, Saudi Arabia and is owned and developed by the Dar Al Arkan Real Estate Development Company (About Al Qasr 2010). The Project, whose construction began in 2005, have completed most of its infrastructure and superstructure, which include pavements, lanes, lighting and treeing, irrigation and sewage networks, and telephone and security lines. Other services schemes such as gardens, parks, commercial centres, and governmental administrative building to serve the area and its future inhabitants are also in the pipeline. The Project applies the suburban centre concept, where residential and commercial units are integrated in one area creating a self-contained centre, under the framework of the comprehensive development philosophy, which entails the accommodation of the medium income group (Al Qasr 2010). Standing on an area of 816,000 sqm, more or less, the Al Qasr Project consists of 3,303 units of residential villas, apartments, commercial and low-rise office buildings and is expected to accommodate a total of 13,000