Affordable residential units at King Abdullah Economic City (KAEC), which are being promoted by the Saudi ministry of housing, will be priced at SAR 450,000 - 550,000 each, Al Arabiya TV has reported, citing Ayman Yousef Mansi, senior director, new business ventures at Emaar The Economic City (Emaar EC).
Each 125 sq m unit will be sold at SAR 500,000 on average and the housing ministry will help provide soft loans to beneficiaries, he said, adding that they will be targeting low to middle income categories.
The National Housing Company, which is owned by the ministry, will promote and sell the units.
Emaar EC inked a six-month agreement with the Saudi housing ministry, aimed at marketing 175 residential units in King Abdullah Economic City (KAEC), Argaam reported earlier.
Last November, Emaar EC inked a one-year memorandum of understanding with the housing ministry to promote and sell some of the developer’s existing or under-construction residential units at KAEC.
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