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FINANCIAL NEWS
Jeddah to build 5,000 residential units
22 Dec 2012
(MENAFN) Jeddah is about to witness a major housing project, as part of Saudi government target to build 500,000 residential units to tackle the chronic housing shortages, as the population grows rapidly, Arab News reported.
Saudi Prince Mansour bin Miteb, municipal and rural affairs minister, has announced the construction of 5,000 housing units which will be completed in three years as part of the Salman Bay Housing Project.
Jeddah Development and Urban Regeneration Company (JDURC), owned by the Jeddah Municipality, is the master developer for the project. Phase one of the project is expected to cost more than USD400 million.
Salman Bay Housing Project is considered part of the future expansion of Jeddah. It will accommodate around 25,000 units of building apartments with a total area of approximately 3 million sq m.
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