The Saudi Housing Ministry has launched its 192,000 square meter housing project in east of Haramain Expressway, Makkah Arabic newspaper reports.
Being implemented by Sundus Developers, the Jeddah Gateway will boast 30 buildings with eight to 16 floors offering a total of 1,952 housing units.
“The housing units will be handed over to the beneficiaries within three years of signing the lease agreement,” according to Naif Al-Suhaim, General Manager of Sundus.
The project will comprise three- and five-bedroom apartments of 134 square meters and 196 square meters respectively.
The housing complex will have facilities including educational, healthcare and religious facilities, in addition to a hypermarket and a 47,590 square meter commercial center for shops selling different products, Al-Suhaim notes.
Prices for the apartments range between SAR 370,000 to SAR 590,000.
The ministry offers house grants for apartments with a price tag of between SAR 250,000 and SAR 700,000, providing financial support of up to SAR 500,000 to deserving applicants, according to Saif Al-Suwailem, spokesman from the Housing Ministry.
The money can be repaid in installments within a period of 25 years, Al-Suwailem notes.