Red Sea Global considering to offer mortgage and financing solutions for buyers
Red
Sea Global (RSG) is preparing to launch mortgage and financing solutions
for buyers seeking to purchase residential units across its luxury destinations
along Saudi Arabia’s Red Sea coast, according to Steven
Cheesbrough, the company’s Head of Development.
Speaking to Al-Eqtisadiah
on the sidelines of the Cityscape Global
exhibition, Cheesbrough said the new mortgage offerings will be rolled out in
partnership with several banks. RSG is also developing tailored financing
packages specifically for property owners on Lahaq Island.
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Sea Global reveals in-house luxury brand Shebara
Residential prices across RSG’s island
destinations vary widely based on location and specifications. Apartments on Shura
and Laheq
islands are currently priced between SAR 6 million and SAR 20 million, while
villas on Shura Island range from SAR 8 million to SAR 60 million. Villas on
Lahaq Island start at SAR 18 million and can reach SAR 150 million, with an
average price of around SAR 34 million. At the ultra-luxury end, the Amaala
destination features villas priced at up to SAR 400 million.
Cheesbrough noted that the move marks a
historic milestone, as it represents the first time freehold residential
ownership has been permitted on the Red Sea’s islands.
RSG is currently prioritizing three flagship
residential developments:
·
Shura Island, hosting around 300 villas managed by
leading global luxury brands;
·
Lahaq Island, featuring 750 residential units scheduled
for completion within three to four years;
·
Amaala, which includes 348 luxury villas and residences,
86 of which have already been released to the market.
Source: Argaam
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