KAEC unveils new affordable housing units

28/02/2016 12:53 AST

King Abdullah Economic City (KAEC), a special economic zone on Saudi Arabia's Red Sea coast, is set to offer affordable apartment homes in its newly built Al-Shurooq community following the success of its recent residential sales across all segments.

Spread over a 181 million sq m area, KAEC is being developed into a fully integrated city.

The mega project consists of: the Coastal Communities offering total housing solutions for all segments of society; King Abdullah Port which is being developed to be one of the largest ports in the world; the Hejaz district that includes the Haramain Railway station; and the Industrial Valley which extends over an area of 55 million sq m and has signed with a wide variety of more than 110 leading national and international companies.

With their efficient and smart designs, the apartments offer tremendous value and further benefit from their close proximity to the pristine Red Sea, said a statement from KAEC.

The 250,000 sq m Al Shurooq community is home to 1,440 apartment homes that vary in size from one- to four-bedrooms.

The release of the new apartments is a significant opportunity for anyone who has dreamed of owning a new home or an investor looking to capitalize on the growing demand for rental properties in KAEC, said a top official.

"KAEC has a strategic goal of providing a wide range of accommodation for all social segments to meet the growing demand for residential property by Saudi citizens and investors alike," remarked Fahd Al Rasheed, Group CEO and managing director of KAEC.

"Al Shurooq offers a wide range of affordable, ready-built apartment homes that are a great investment for buy-to-let or first-time buyers," he added.

KAEC has witnessed a growing demand for rental properties, as corporations and manufacturers open in the city clustered around the existing seaport, already one of the busiest in the region.

The apartments form part of Phase One of the Al Shurooq district which offers a wide range of amenities and services, including leisure facilities such as walkways, parks, social clubs, and outdoor children's play areas for residents to enjoy an active and healthy lifestyle.

"Al Shurooq is the ideal place for families and individuals who look forward to owning affordable, smart homes, with comprehensive facilities that fulfil their modern lifestyle needs," explained Charles Biele, the chief executive of Residential Development at KAEC.

"Residents will enjoy use of the city's amenities and social facilities, including health care services, mosques, and international schools and universities, along with a wide variety of shops and restaurants located along the seafront and marina," he noted.

KAEC is also currently developing a number of luxury sporting and recreational facilities, including the Royal Greens Golf Course, a social club and Juman Park, he added.

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