Saudi Arabia launched a new housing development in Jeddah last week, in which they have added over 1,000 homes to a ten-year-old program to raise homeownership among its citizens.
They said the project, south of the Red Sea Port in Jeddah, is almost 800 million Saudi riyals ($213 million) in value, reported the Arabic-language daily Aleqitsadia on Sunday.
It belongs to the National Housing Company (NHC) and constitutes part of the greater “Al-Sadin Community,” which will eventually be composed of over 5,500 housing units in Saudi Arabia .
“We have just launched our portion of the project.There are eight developers involved in Al-Sadan, but we are the primary developer,” said Fahd Al-Jaser, Director General of Al-Sadan. Al-Jaser added that the projects are for three models of houses averaging around a price of SAR750,000 ($200,000). Development of the whole project should be finished by 2027.
