KSA to build 7,000 new houses in Riyadh
Project contract will include electricity, water, sanitary drainage and stormwater drainage networks
7,000 new houses will be built in Riyadh over the next two years.
RELATED ARTICLES: Value of awarded deals hits $62bn in Saudi construction boom | Riyadh approves $74bn overhaul | DAMAC launches towers in Riyadh and Dubai with Fendi
The Ministry of Housing signed a contract on Sunday for the first housing project in Riyadh, northwest of King Khaled International Airport along Othman Bin Affan Road.
The $266mn project will be completed by a national company in two years. The project spread on an area of five million square meters will provide developed residential plots of land and lands for multistory buildings. Nearly 7,000 housing units will be built.
The project includes electricity, water, sanitary drainage, and storm-water drainage networks. It will also have a sewage treatment plant besides 18 to 36 metre wide roads, 2.5 meter-8 meter wide pavements, and parks.
It will also have four grand mosques and 21 local mosques. The project will include 24 schools for boys and girls and 24 kindergartens. Locations for a number of community centers have been allocated.
They will provide a suitable social environment with integrated services and utilities. The ministry said the bidding for other projects in all regions of the Kingdom will start soon.
Around 60% of nearly 20 million Saudis are estimated to live in rented accommodation rather than homes they own, and much of the housing is in poor condition, Mike Williams, head of research at the CBRE property consultancy in Bahrain, was quoted as saying by Reuters.
