Muscat – The Ministry of Housing and Urban Planning (MHUP) has reached out to 48,000 eligible families, offering them the opportunity to purchase a home in Sultan Haitham City at a subsidised rate.
This announcement precedes the upcoming commencement of residential unit sales in selected neighbourhoods of Phase 1 of Sultan Haitham City.
The ministry noted that opportunities are limited for those wishing to purchase from the 6,700 housing units in Phase 1, slated for construction from 2024 to 2030. Subsequent phases will offer additional opportunities for homeowners.
Sultan Haitham City is extending government-subsidised residential land grants to eligible buyers, along with reduced-interest financing plans through both commercial and government banks.
For more information, MHUP has invited interested parties to visit the Future Legacy corner at Muscat City Centre, available until October 25.
Earlier this year, MHUP inked several agreements with government and private entities for the Phase 1 development. To assist with financing, a pact was signed to offer RO240mn in housing loans, benefiting 3,000 applicants with an increased loan limit of RO80,000, in association with Housing Bank of Oman.
Additional financial agreements were secured with major banks including Bank Muscat, Ahli Bank, Oman Arab Bank, National Bank of Oman, Sohar International Bank, Sohar Islamic Bank, Bank Dhofar and Alizz Islamic Bank. These partnerships will provide housing loans at a discounted 3.4% interest rate, aiding at least 150 loan recipients from Bank Muscat and 100 from each of the other banks.
Sultan Haitham City’s development is planned in four stages. Phase 1, from 2024 to 2030, will feature 6,743 housing units, a private hospital, a fuel station, four schools, 19 commercial plots and other amenities.
Phase 2, from 2028 to 2035, will encompass 2.6mn sqm, housing over 23,000 residents in 4,200 units. Phase 3, from 2033 to 2040, will span 2.3mn sqm and accommodate over 21,000 people in 3,500 housing units.
The final phase, projected for 2038 to 2045, will unfold over approximately 5.5mn sqm and provide homes for over 26,000 individuals in 4,500 units.