Maskan Arabia for Real Estate Development today announced the launch of the preliminary excavation work at its new residential project, “BLOM Invest Maskan Arabia” Fund, in North Riyadh. The development will consist of 312 residential units, worth AED490 million with construction expected to be completed 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 established this main fund of AED277 million and successfully completed its private placement through its investments in Al-Ahli for Real Estate Development Fund, which is a secondary fund to the main fund. BLOM Invest Company also succeeded in securing a finance amount of AED284 million for the fund from Al-Ahli Bank which will be utilized in the construction of the project.
The recent funding further underlined BLOM Invest Saudi as a trusted entity with banks, highlighting the quality of Maskan Arabia’s residential projects. With the support provided by banks and financial companies, residents are now able to invest in a home that fits their budget and lifestyle.
Commenting on the preliminary excavation works of the project, Eng. 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 completely financed by “BLOM Invest Maskan Arabia for Real Estate Development” Fund allocated for developing the project in full.”
“This project will have distinguished features of location, quality, durability and fine design that will position it as a leading residential development. Launching the preliminary excavation works of the project shortly after signing the finance agreement is considered a significant step for us and confirms our endeavors to complete the project within the specified period of three years,” added Eng. Al-Rashoudi.
BLOM Invest and the 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 AED 1.7-2.6 million.
The project’s design embodies Islamic architecture style, mainly Andalusian, Ottoman and Moroccan and makes it one of the most unique aesthetic and cultural sites in the capital.
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