Ewaan begins phase II of Alfareeda project
Residential project will cost $480mn and will have more than 1,800 residential units
Ewaan Global Residential Company, the Saudi real estate firm, announced on Sunday that works on Phase II of the Alfareeda Residential Project in New Jeddah, has begun.
Fahad Al Mutawae, CEO of the real estate developer, said that the massive high quality housing project would offer a good quality lifestyle to middleclass Saudi citizens, who intended to settle in the upcoming district of New Jeddah.
“Phase I consists of 324 residential units, offers four types of villas in various sizes and different architectural styles, while Phase II consists of 460 residential units and is scheduled for completion by the end of 2013,” he said.
“”We enter the second stage of Alfareeda on a high note following the great success of Phase I, where the onsite show villas are attracting the attention of our target audience; middle income Saudi citizens who want to get away from the overcrowding and traffic congestion of Jeddah and start a new life where their young families can grow up in a calm and beautiful environment that offers a high quality lifestyle complete with superior facilities and every modern amenity,” Al-Mutawae added.
Valued at more than $479.9mn, the project occupies more than one million square metres of land; with more than 1,800 residential units supported by advanced infrastructure and service facilities which include telecommunication systems, an effective drainage system and rain bypass tanks.
In addition, a systematically planned road network has been designed to avoid traffic congestion.
The project is the largest of its kind, Al Mutawae said, adding that residents would be able to take advantage of the proximity of major institutions such as the King Abdullah Hospital, Al Thuraya University, Batarjee Medical College and the University of Technology and Business.
Other projects currently under construction nearby are a new sports stadium and The Kingdom City, which will house the world’s tallest tower.
