PHOTO
29 June 2016
RIYADH: The Ministry of Housing has implemented the first project to construct 7,000 villas on 6.5 million square meters of lot in the eastern part of Riyadh.
Construction of the villas each of which costs SR640,000 is being undertaken in collaboration with the private sector. It is also located on privately-owned lot.
This was announced by Hamad and Ahmed Mohammed Al-Muzaini Real Estate firm, which said that the project is near the premises of the Ministry of Interior in Riyadh.
The project, called "East Gate, consists of villas, each of which has a total land area of 316 square meters although it occupies only 250 square meters. The project is managed by an American firm.
Hamad Muzaini, board chairman of the real estate firm, said that the sale of the villas will start after Eid Al-Fitr and that these are available depending on the buyer's choice and capacity to pay.
"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," he said.
He noted that buyers have access to credit facilities in the Kingdom such as the Real Estate Development Fund (REDF), which was established in 1974 (1394 H), adding that a buyer could borrow up to SR500,000.
"The REDF was established by the Saudi government in 1974 to meet the need of the citizens by helping raise the quality of life in society through the development of quality housing," he said.
He expressed optimism that the buyers will have a dream house of their own at the East Gate as envisioned when the government established the REDF.
"We extend our congratulations in advance to buyers because they'll be owning quality residential houses," he said.
RIYADH: The Ministry of Housing has implemented the first project to construct 7,000 villas on 6.5 million square meters of lot in the eastern part of Riyadh.
Construction of the villas each of which costs SR640,000 is being undertaken in collaboration with the private sector. It is also located on privately-owned lot.
This was announced by Hamad and Ahmed Mohammed Al-Muzaini Real Estate firm, which said that the project is near the premises of the Ministry of Interior in Riyadh.
The project, called "East Gate, consists of villas, each of which has a total land area of 316 square meters although it occupies only 250 square meters. The project is managed by an American firm.
Hamad Muzaini, board chairman of the real estate firm, said that the sale of the villas will start after Eid Al-Fitr and that these are available depending on the buyer's choice and capacity to pay.
"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," he said.
He noted that buyers have access to credit facilities in the Kingdom such as the Real Estate Development Fund (REDF), which was established in 1974 (1394 H), adding that a buyer could borrow up to SR500,000.
"The REDF was established by the Saudi government in 1974 to meet the need of the citizens by helping raise the quality of life in society through the development of quality housing," he said.
He expressed optimism that the buyers will have a dream house of their own at the East Gate as envisioned when the government established the REDF.
"We extend our congratulations in advance to buyers because they'll be owning quality residential houses," he said.
© Arab News 2016
