The Saudi government announced its plan to build a number of 7,000 new villas, in the eastern part of Riyadh, with an investment of SAR 4.48 billion ($ 1.19 billion), over an area of 6.5 million square meters, a report said, according to Trade Arabia.
The project, East Gate, is the first to be implemented by a joint collaboration between the Ministry of Housing and the private sector to work on the kingdom’s shortage of affordable homes, Arab News reported.
Villas are set to be 316 square meter each, for a cost of SAR 640,000 ($ 170,578).
East Gate will be located near the Ministry of Interior premises, and managed by an American firm, according to Hamad and Ahmed Mohammed Al Muzaini Real Estate.
Sales of villas are due to start following Eid El Fitr, Chairman, Hamad Al Muzaini said, Saudi Daily Record reported.
“The villas have different engineering as well as external and internal designs. These are available depending on the buyer’s preferences and the financial capacity to pay,” he added.
Buyers will be granted access to credit facilities in the country such as the Real Estate Development Fund (REDF), which allows funding of up to SAR 500,000 ($133,264).
“The REDF was established by the Saudi government in 1974 to meet the need of the citizens by helping raise the quality of life in society through the development of quality housing,” he said.