$1.2bn East Gate to house 7,000 villas
01 August 2016
The Saudi government has embarked on a major plan to build 7,000 new villas at an investment of SR4.48 billion ($1.19 billion) on a 6.5-million-sq-m area in the eastern part of Riyadh, said a report.
The project, called “East Gate”, is the first being implemented by the Ministry of Housing in collaboration with the private sector, to tackle the shortage of affordable homes for its citizens, reported the Arab News.
The villas, each of which costs SR640,000 ($170,578), will boast a total area of 316 sq m.
The project, which will come up near the premises of the Ministry of Interior in Riyadh, is being managed by an American firm, said the report, citing Saudi-based Hamad and Ahmed Mohammed Al Muzaini Real Estate.
“The villas have different engineering as well as external and internal designs. These are available depending on the buyer’s preferences and the financial capacity to pay,” Hamad Muzaini, board chairman of the real estate firm, said.
According to him, the buyers will have access to credit facilities in the kingdom such as the Real Estate Development Fund (REDF), which allows funding of up to SR500,000 ($133,264).
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