Prince Khaled to open Jeddah housing project
Makkah governor inaugurates 25,000-unit project in Khaleej Salman
Prince Khaled Al Faisal, Makkah governor, today will inaugurate the Jeddah housing project that will see the construction of 25,000 residential units in Khaleej Salman.
First reported by CW in April, the project will be developed by Jeddah Development Urban Regeneration over 300ha to create a model suburb of affordable housing to the city’s residents.
“While 52% of the project will be allocated to residential constructions, 11% will be set apart for commercial establishments, utilities and general services and 37 % for roads, open spaces, amusement areas, gardens and car parks,” said Hani Abu Ras, Jeddah mayor.
Demand for housing is strong in Saudi Arabia’s second biggest city from a dearth in new development over the last few years, a swelling population and the damage caused by floods that ripped through the city earlier this year.
Around 8,000 buildings are close to collapse, while the downtown area of Balad is at the mercy of crumbling structures, with 3,000 of these houses classed as ‘critical’.
Earlier this month, the Makkah governor announced the start of a $45.3m (SAR 170m) four-phase project to develop the city's Corniche.
Two years ago, the Jeddah Development Urban Regeneration launched a 20-year plan for the city’s redevelopment. In the last year the city has seen both infrastructure development – including the expansion of its airport – and the development of real estate projects along its Corniche, including towers and a shopping mall.
Jones Lang LaSalle predicted in a market report that Jeddah would be a key benecficiary of government spending, leading to rises in rents and property prices, as long as land prices remained stable or declined.
Prince Mansour bin Miteb, minister of Municipal and Rural Affairs, and Jeddah Gov. Prince Mishaal bin Majed and Jeddah Mayor Hani Abu Ras will also be present.