Real estate related news and reports from the leading English language Saudi newspaper
North Jeddah residential project targets middle class
Jun 14, 2012
Prospective homebuyers looking to move into the upcoming new Jeddah district can now view the onsite show villas in Alfareeda residential project, one of Saudi Arabia's biggest and best planned real estate developments designed specifically to meet the growing demand of home ownership by the middle class segment.
"With phase one of the project nearing completion we are now ready to host prospective buyers at our onsite show villas where they can see for themselves the beauty and high quality of the four different architectural styles that will be available at Alfareeda," said Fahad Al-Mutawae, CEO of Ewaan Global Residential Company, developers of the Alfareeda residential project.
He said: "To cater for different needs in terms of size, we are offering four types of villas: Dar Al-Husson villas designed to express the unique character of Red Sea towns; Dar Al-Rehab villas in Spanish-Mexican style; Dar Al-Muna villas that reflect the character of old Jeddah in a distinctive modern style; and Dar Al-Sa'adah villas inspired by the architectural heritage of the Mediterranean."
Costing over SR 1.2 billion to construct on one million sqm of land, Alfareeda will be a small city in its own right consisting of more than 2,000 residential units, educational facilities, medical facilities, mosques, a shopping center and a sports club. The ultra modern infrastructure and service facilities include a state of the art telecommunications network, electricity lines, water pipes, a sewage system, drainage pipes and rain bypass tanks. The project's road network is designed and planned to avoid traffic congestion.
"New Jeddah is where it's all happening - and even more so in future." continued Al-Mutawae. "Major public and private institutions such as the College of Business Administration (CBA) and Batarjee Medical College are already here and soon to come are the King Abdullah Hospital, Al-Thuraya University, The Kingdom City with the tallest tower in the world, and the new sports stadium which is currently under construction."
Ewaan Global Residential Company was established in strategic partnership with of some of the strongest financial and development institutions in the region including the Islamic Corporation for Private Sector Development (ICD), which is affiliated to the Islamic Development Bank (IDB), Al Numu Real Estate Development Company (a subsidiary of the SEDCO Group), the Public Pension Agency and the International Bank for Development (IBD).