Saida Municipality is working on a plan to partition and merge land measuring 1,400,000 m2 on the city’s eastern borders. Investment required for the project is estimated at $50 million.
“The land includes agricultural lots that were not being exploited by their owners,” said Mohammad Seoudi, Mayor of Saida.
The Municipality will work on establishing roads, infrastructure, and landscaping.
Seoudi said that the land, which is equal to a quarter the size of Saida, will be partitioned into plots on which residential apartments and retail outlets can be developed.
He also said that the Municipality has obtained initial approval from the Islamic Development Bank to secure a loan to fund the project.
Mustafa Fawaz Engineering and Designs Office has already conducted the engineering study for the land. URBI Architect and Planning, owned by Habib Debs, conducted the architectural study.
The cost for a piece of residential land measuring one square meter in this area of Saida is between $2,500 and $3,000. The built square meter is sold at an average price of $1,250.
The project will take three years to complete before delivering the reorganized plots back to their owners.