Palmyra Real Estate Development Company has launched a new real estate development west of Aleppo, Tilal Al-Shams.
 
The project will be located around 21km from Aleppo near the road that heads to Kafar Hamra and the Forgotten Cities.
 
The project will be divided in three areas: a touristic area featuring a 4-star 144 rooms and suites hotel, with indoor and outdoor restaurants and cafes, as well as a health and sport cub and shops; a residential area with 50 two-storey villas with a built-up area of 225 square meters and a plot area of 650sqm each in addition to a sport venue, shops, a family swimming pool, gardens and a cafeteria; a traditional heritage village that will stimulate traditional and historical industries from the 2nd to the 5th century such as oil, glass and soap and that will also include a Roman integrated bath, a spiritual meditation space, an Aramaic language learning centre, a Roman theatre, a sound and light hall.
 
The development will have an antique architectural style.
 
The value of the investment involved is not known although a local website, SyriaSteps said that it will be financed through a subscription from clients for the project under the following scheme: a first subscription round will be held in early 2010 during which 25 shares will be offered; each of these will be sold for SYP 13.5 million and will cover the cost of construction of one villa in addition to a share of 1 percent in the tourist resort; a second round will be launched in 2011 when 25 more shares will be sold at SYP 17 million each to cover the cost of the 25 additional villas plus a share of one percent in the tourism section.
 
Profits per share are projected at SYP 0.8-1 million per annum according to the website.
 
Palmyra is a joint-venture between MAS Economic Group, whose main shareholder is Firas Tlas the son of former Syrian defence Minister Mustafa Tlas, and Belhasa International Company LLC, from the UAE. MAS is active in various business sectors including agro-food and is a minority shareholder in Lafarge Cement Syria.
 
The project will be the second for Palmyra, which is currently working on the Jasmine Hills Development outside Damascus.