During an expanded Press Conference
NIC Chairman… Specifies Next Week to Start the Registration for Bismayah new City project
NIC announced Sunday 25th.Sept.2011 to be the date for starting the electronic registration
for the project of construction 100 thousand housing units of Bismayah new City which shall
be implemented by Hanwha Engineering & Construction.
NIC Chairman Dr. Sami Al- Araji said that the housing the project’s housing units will be devoted to official employees and retirees after applying electronically by visiting the NIC website ( www.investpromo.gov.i – mailto:email@example.com ),
All other information and details of the project also shall be found on the link knowing that the units areas are (100, 120, 140) m² of three or four rooms according to the most modern designs.
Dr. Sami referred that 630 $ is the price of the housing unit squared meter which means 60 thousand Dollars for the 100 m² unit adding that the buyer will have to pay 25% of the total amount while the remaining amount shall be paid by installments divided on 7 years, knowing that the NIC is currently negotiating with banks ( Rafidain, Rasheed, TBI) in order to get them involved in funding employees aiming at extending the payment term to reach 15 years instead of 7 the matter that will lead to minimizing the installment rate nearly in to the half asserting that the priority will be given to those who are ready to pay the total amount in cash with giving them the right to choose the building and the floor number.
NIC Chairman also clarified that during the first two years the company will focus on implementing the infrastructure after obtaining the land by the end of this year, providing implementing 25 thousand housing units in the third year of starting the project to be handed to the registrars and each year other 25 thousand units are going to be constructed until implementing the whole 100 thousand agreed upon within a complete city provided with all services especially when implementing Al- Rasheed University in near location beside other important amenities.
Al- Araji added that “the project which shall be implemented on a total area of 8 thousand Donums is considered as one of the largest housing units in the Middle East and will be connected to the capital center by a fast transport line.
Mr. Hyun-Chung Kim, Vice Chairman and CEO of Hanwha Engineering and Construction in his turn referred that constructing 100 thousand housing units that shall be inhabited by 600 thousand people is a very big project that includes many challenges so we need the support of all concerned institutions to make the project a success, praising the special efforts made by NIC to make the dream of securing the suitable lodging for many Iraqi families come true while stressing that the company is keen to meet international standards in implementing the whole project.