REAL ESTATE

Housing Ministry launches ambitious Jeddah Gateway project

The project has 30 buildings with eight to 16 floors covering a total space of 192,000 square meters.
Saudi Arabia - The Ministry of Housing has launched its ambitious Jeddah Gateway project for citizens who deserve housing support. Located east of Haramain Expressway at the beginning of Prince Muhammad Bin Abdulaziz (Tahliya) Road, the project is implemented by Sundus Developers.

The project has 30 buildings with eight to 16 floors covering a total space of 192,000 square meters. It will have a total of 1,952 housing units with 4 to 6 apartments on each floor.

“The housing units will be handed over to the beneficiaries within three years of signing the lease agreement,” said Naif Al-Suhaim, general manager of Sundus, while speaking to Makkah Arabic newspaper.

This is the ministry’s second project in Jeddah. Previously it had distributed housing units at Rabigh and King Abdullah Economic City.

Al-Suhaim said the project would have 3-bedroom and 5-bedroom apartments of 134 square meters and 196 square meters respectively. The apartments will have balconies and other additional facilities.

“About 40 percent of the area surrounding the buildings will be full of greenery,” Al-Suhaim said, adding that the housing complex would be provided with educational, healthcare and religious facilities.

It will have a hypermarket and a 47,590 square meter commercial center for shops selling different products, Al-Suhaim said.

He said if there was any delay in the handover of the housing units, a 5 percent of the payment will given back to the beneficiaries for each year of delay.

"An agreement will be signed with Mullak Company for the regular maintenance of the housing units,” Al-Suhaim said. Prices for the apartments range from SR370,000 to SR590,000.

Saif Al-Suwailem, spokesman from the Housing Ministry, has said the ministry offers house grants for apartments with a price tag of between SR250,000 and SR700,000.

“The ministry provides financial support of up to SR500,000 to deserving applicants,” he said, adding that the money can be repaid in installments within a period of 25 years.

He disclosed the ministry’s plan to present a number of solutions to people of limited income next year to overcome the problem of unaffordable monthly installments.

Al-Suwailem urged the beneficiaries to make use of assistance packages offered by some scheduled banks to avoid payment of money three years in advance to book the apartments.

The ministry held a housing exhibition to enable beneficiaries to purchase apartments in Jeddah Gateway project with the support of banks and other financiers.

Sundus will allocate apartments to beneficiaries on the basis of bank loans. The beneficiary will then meet with a ministry official to present the required documents and sign the lease agreement.

 
 

 
 
 
 
© Copyright 2017 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).


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