RIYADH — Maskan Arabia Investment & Development Company, a leading construction real estate developer renowned for bringing the highest standards of innovation to life and implementing a new way of living through elegant designs, has announced the progress in its Al Casaba housing project in Riyadh. The “Al Casaba Villas” project valued at SR300 million, spans an area of 30,000 square meters located northwest of Riyadh in Al Thagar District on Salbouk Road. Maskan Arabia said prospective owners have two options to choose from in terms of villa sizes: the inner villa has built up area of 500 sqm, and the corner villa has 600 sqm. The design models are available in 3D for customers to have a clear-cut view and dimension of the houses that are being built and will be built in the project. The Al Casaba Villas project, which has started in May 2014, is set for completion and delivery in March 2016. Currently, 25% of the project is already completed, Maskan said. The project is primarily tailored for Saudi family who aspires for modest yet quality homes. In line with Islamic customs and traditions, the villas provide owners with utmost privacy. This is evident in the arrangement and separation of entrances and exit gates, as well as the distribution of living rooms, guest rooms, and outdoor areas. Besides, taking into consideration the importance of privacy as a core value within the Saudi community, while at the same time providing residents with all the required comfort, villas within the same area are similarly designed, while the spaces set out between them with no need for separators/partitions. “The objective of the project is to develop comfortable, safe, elegant, durable and energy efficient home for Saudi family who at the same time, dreaming of living in a quiet and relax environment,” Maskan Arabia pointed out. Saudi Arabia has seen its residential property market expands rapidly over the last year due to increased demand caused by various government initiatives to boost the housing sector. Over the past year, residential prices in Riyadh have risen by 5% to 7% overall, according to the Riyadh residential research report from international real estate firm Knight Frank. Despite rising development activity, demand for residential units continues to outstrip supply in Riyadh. Indeed, the capital has a requirement for around 50,000 housing units per annum over the next five years and has an estimated housing inventory of just 1.15 million units. “Over the next couple of years, we expect residential prices to continue to rise in Riyadh as the city's rising population exacerbates the already housing need. Beyond that period, improving infrastructure, as well as new international developers entering the market, should boost construction activity and thus housing completions,” the report noted. Moreover, Maskan Arabia said the Al Casaba Villas project is all inspired by modern Arabian architecture. Each villa of two and half-storey is equipped with 2 car parking spaces, underground water tank, separate driver's room, infinity swimming pool, water features and perimeter fence.— SG
