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Sapphire
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Giant housing project planned for Jeddah

Jeddah is set for thousands of new homes

Saudi Arabia's Pension Fund has announced plans to launch a giant housing project in Jeddah, reports Bloomberg.

The projects involves building 7,340 apartments and villas, a hospital and a hotel across 2.6m m2 of land near King Abdulaziz International Airport.

Construction is expected to start this year and tenders are being sought.

The houses will be constructed in two phases. In the first phase contractors will build apartments at 800m2 each, while in the second phase villas would be built at 300m2.

An official from the pension fund told Arab News that the project "will be the biggest in the real estate business” in the kingdom.

Contractors have been invited by the fund's investment company to present applications to build properties by next Monday, 13 August.
 
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