Monday, March 13, 2017

Saudi Arabia to build 462 new housing units

Saudi government has signed an agreement to build 462 new residential units in eastern Riyadh under the Eskan housing scheme, said a report.

The new units, which will be spread across an area of 84,679 sq m, is part of a partnership programme with the private sector, reported local daily Al Riyadh.

As per the agreement signed by the Ministry of Housing and Al Tahaluf Real Estate Company, 436 high-quality duplex houses and 26 independent villas will be built for the Saudi citizens which will be priced reasonably between SR530,000 and SR590,000 ($141,243 and $157,233).

Nayef Al Rasheed, the chief executive of the programme, said the partnership agreement is the first-of-its kind between the ministry and the private sector.

Under this program, the ministry has entered into several agreements with local and international companies to stimulate the real estate sector, raise productivity, build more housing units amid growing demand.



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