Maskan Arabia for Real Estate Development has launched preliminary excavation work at its new residential project in Riyadh, which aims to build 312 residential units with a total cost of SR583 million ($155.45 million).

The new project, BLOM Invest Maskan Arabia Fund in north Riyadh, intends complete construction by the end of December 2013.

BLOM Invest Maskan Arabia for Real Estate Development Fund is considered one of the leading real estate investment funds that comply with Islamic Shariah.

BLOM Invest has established this main fund of SR283 million and completed its private placement after Al-Ahli Capital Company covered the fund through its investments in Al-Ahli for Real Estate Development Fund, which is a secondary fund to the main fund.

BLOM Invest Company has succeeded also in securing a finance amount of SR290 million for the fund from Al-Ahli Bank which will be utilized in the construction of the project.

This finance has reflected the trust of BLOM Invest Saudi, the National Commercial Bank and Al-Ahli Capital in the quality of Maskan Arabia’s Projects and the underlying capacity of the real estate sector.

This enables Maskan Arabia to continue providing distinguished services to its customers, especially that such support from banks and finance companies are in the interest of the citizens that large segment of them suffers difficulty in finding appropriate housing.

Hossam Al-Rashoudi, CEO of Maskan Arabia Company, said: “Launching the preliminary excavation works of the new residential project came after the purchase of the project’s land in north Riyadh, which was totally financed by BLOM Invest Maskan Arabia for Real Estate Development Fund allocated for developing the project in full.”

He added: “The excavation, preliminary and support works are considered the basic works for any project and this significant step coincides with the accomplishments that the company achieved until now.”

“These achievements included the purchase of the project’s land, appointing the consulting company that will carry out the design work and selecting the main contractors for building this project. This project will have quality features that will make it a leading residential project as of location, construction quality, durability and fine design.”

Al-Rashoudi mentioned that the developing strategy of the project depends on building 30 different designs of residential villas that will represent a quantum leap in architectural quality, elegance and beauty.

The project's design reflects the Islamic architecture style, mainly Andalusian, Ottoman and Moroccan and makes it one of the most unique aesthetic and cultural sites in the capital.

He stressed that launching preliminary excavation works of the project shortly after signing the finance agreement is considered a significant step and confirms our endeavors to complete the project within the specified period of three years.

He pointed out that BLOM Invest and Maskan Arabia project, which consists of 312 residential villas, sets innovative development solutions for building an integrated housing that provides an ideal residential environment for the targeted middle-high income segment, as the ranging price for its residential unit is SR1.7-2.6 million. – TradeArabia News Service