Saudi Arabia’s King Abdullah Economic City (KAEC) is now offering affordably priced apartments for rent or sale in phase one of the Al Shurooq district.
1,440 apartments, ranging from one to four bedrooms, are now available, after being launched at sales events held recently in Jeddah and Riyadh.
The Al Shurooq district is a 1.2 million sqm housing development at the KAEC. Phase one of the Al Shurooq development covers 150,000 sqm of land, and is expected to be complete in mid-2016.
“KAEC is moving forward at a fast pace and fulfilling its promise to offer residential properties for buyers in the high to mid-income price brackets. Now in Al-Shurooq we are making available affordable apartments in a vibrant community,” said Fahd Al-Rasheed, Group CEO and Managing Director of KAEC.
“Al-Shurooq is located in close proximity to employment centers with prices starting from SR 199,888 ($53,248.80). The cluster based community is ideal for employees of companies operating in the port, Industrial Valley as well as in the commercial and retail businesses within KAEC,” said Charles Biele, CEO of Real Estate Development Company in KAEC.
“It is also a prime real estate opportunity for investors who wish to purchase entire buildings to lease out to companies and individuals in KAEC and take advantage of the high demand for rental apartments,” Biele added.