Key Facts
- Owner Trac Development Group
- Location Iraq, Basra Province, Basra
- Status Execution
- Classification Apartments, Residential Construction
- Budget ($m) $7,000m
- Contract Type Build
- Main Contract Completion Q4 2014
- Contact the project owner (MEED Projects subscribers only)
Overview
Basra New City (the National Housing and New Urban Development Project) is a 500,000 unit, $35bn project close to Shatt al-Arab in Basra.
South Korean company Trac Development Group was awarded the contract by Iraq’s National Investment Commission in October 2010 to build the development in a phased approach. Phase 1 consists of 100,000 housing units, infrastructure facilities and associated facilities. Hill International is the project management consultant and Hyundai Development the main contractor.
The project is being part-financed by Export-Import Bank of the US (US Exim) and Citibank, with the Iraqi government as the financial guarantor for full cash payment upon completion and delivery of phase one.
- Research MEED’s archive on the Basra New City
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