| 28 Aug 2010 |
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Int'l company wins SR1.1b contract for Jeddah housing units
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JEDDAH - An international real estate investment company has won a SR1.1 billion contract to construct housing units on an area of about a million sq. meters.
Falah Al-Sibei, chairman of the company's board of directors, said the dwellings will be affordable for people with a broad range of income and the project has been planned well in all respects.
The company will begin executing the project in December, said Al-Sibei, who believes new regulations and legislation have reduced the number of bad investments by home-buyers and improved the Kingdom's real estate market.
Saudis are now more aware of how best to buy a residence and choose a responsible, honest owner and developer, he added.
The project is part of implementing directives to construct housing units throughout the Kingdom to address ongoing shortages and predicted needs for more housing, Al-Sibei said.
Statistics indicate that housing units form 75 percent of the real estate activity in the Kingdom and that there is a need for more than SR75 billion per year to meet the annual demand for housing units for the next 10 years.
Al-Sibei, who said the company would strive to execute the project through the targeted strategic plan, added that the contract reflects that businessmen have confidence in the company's strategy and investments.
Recently, Abdulaziz Al-Dukheil of the Consulting Center for Finance and Investment estimated that four out of five Saudis earn between just SR2,500 and SR8,500 per month.
"People who earn less than 10,000 riyals per month, and they are millions, cannot find a home," he said. Not when the price for a quarter acre block in an average Riyadh suburb is SR1.5 million.
By Ahmad Al-’Iryani
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