|01 April, 2020

Saudi Arabia launches two new housing projects; to offer 8,083 homes

Obhur Park will provide 8,000 residential apartments

Image used for illustrative purpose. Labourers work at the construction site of a building in Riyadh, Saudi Arabia, October 18, 2017.

Image used for illustrative purpose. Labourers work at the construction site of a building in Riyadh, Saudi Arabia, October 18, 2017.

REUTERS/Faisal Al Nasser
Saudi Arabia's Ministry of Housing has announced the launch of two new residential projects - Obhur Park and Mogan Village - in Jeddah in partnership with the private sector, which on completion, will provide a total of 8,083 housing units.
 
Obhur Park, which is located in the north of Jeddah governorate at the intersection of King Saud and Prince Abdullah Al Faisal Street, will provide 8,000 residential apartments, on a total area exceeding 1,145 million sq m, with built-up areas ranging from 125 to 256 sq m each, said a statement from Sakani,
 
The pricing for these housing units start from SR406,000 ($107,724) upwards with monthly instalments put at SR1,355 ($360).
 
Mogan Village is located in the north of Jeddah on a total area of ??28,300 sq m which will house 83 villas at prices starting from SR950,160. The project will see the 225 to 308-sq-m homes being delivered at a monthly instalment of SR3,167 upwards.
 
This brings the number of projects under construction in the Makkah region to 14 which, on completion, will boast 63,000 diverse units, said Saif bin Salem Al Suwailem, the official spokesman of the Ministry of Housing .
 
Al Suwailem, affirming the continuation of the Sakani programme to provide more projects and plans during the coming period, said it aims to raise the percentage of residential ownership by Saudis to 70 per cent by 2030.
 
Sakani programme aims to serve 300,000 Saudi families this year through its various housing and financing solutions, he added.-Trade Arabia News Service

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