Mehad launches SR200m real estate project in Abhur |
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JEDDAH - Mehad Al-Arabia Real Estate Developer and Marketing launched its first residential and land development project in North Abhur with a value of SR200 million.
The project comprises 500 plots in different location in North Abhur, which is approximately 60 km away from downtown Balad area in Jeddah.
At present, the company is negotiating with major banks to help finance the plots for individual customers.
Khaled Bashowaier, executive manager of Mehad, said "we are going to sell the lands to the banks and financial companies and then they will sell these lands to young Saudis in lowest installment plan that spans from 10 to 15 years." Al-Riyad Bank, Al-Rajhi BankAl-Rajhi Bank
and Amlak Company for Real Estate, among others, will cooperate with Mehad to implement the project."These banks and companies will work as a bank that will lend money to young Saudis who need to have their own house," he noted, adding that big investors will not be able to have the opportunity to buy lands through this scheme."
"This easy system requires the citizen to have specified salary in the same bank that he will use to deal with us," Bashowaier further said. He said the latest financial crisis did not affect the Kingdom's economic negatively.
"We still have a strong economic system and will have Saudis afford more lands to start their projects easily," he added.
"This big numbers of lands will be part of the biggest development projects in Jeddah specially in North Abhur, where many investment projects, hospitals, schools and commercial infrastructures will be finished during the coming five years," Bashowaier said.
"The municipality will start projects such as the implementation of the health infrastructure, electricity, and even road pavements," he added.
Moreover, he said around SR60 billion will be invested in the area in the next five years.
By Diana Al-Jassem
© The Saudi Gazette 2008
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