Iraqi contractor Al Faidh Al Hamea Co. will start constructing the Orange City residential complex in the governorate of Diyala in June, a source familiar with the project told Zawya.
The project, which was approved by the Iraqi ministry of finance, will be carried out with the support of an investor. The cost is expected to reach USD 180 million and the timeline for completion is estimated at around 30 months, said Mejul Mahdi, president of the Diyala Investment Authority.
"Al Faidh Al Hamea Co. will initiate construction work pertaining to the 'Orange City' residential complex in June in Baqubah, just as soon as land adjustment measures are completed. In as far as the land area for the project is concerned, the coverage will extend a total of 150 dönüm (approx 375,000 square meters)," Mahdi said.
Once completed over a projected period of two years Orange City will consist of 3,000 apartment units and 150 villa units. Each apartment unit is estimated to cost around USD 60,000, but developers have yet to release pre-selling details.
The villas will be available in three different layouts - A, B and C - constituting 20% of the total; whereas the apartments will be available in two layouts E and D forming the remaining 80%.
The development will attempt to resolve the governorate's existing housing shortage and will be instrumental in generating around 1,500 new employment opportunities.
© Zawya 2013
