Iranian firm offers building $1.2b residential section in Basra

Iranian firm offers building $1 BASRA / IraqiNews.com: The Iraq National Investment Commission is now considering a $1.200 billion offer from an Iranian company to build an integrated residential section of 5,000 housing units in three years’ time, the INIC chief in Basra said on Sunday. “The residential city will stand over an area of 5,000 donums including apartment buildings of eight, 14 and 18 floors,” Haydar Ali told IraqiNews.com news agency. “The project also includes a large mall containing 2,000 stores in addition to other service utilities,” he added. One Iraqi donum equals 2,000 square meters. “The Iranian company also offered to build three four-star 12-floor hotels, an amusement par, a lake and public parks over an area of 100,000 square meters,” said Ali. The oil-rich port city of Basra lies 590 km south of Baghdad. AmR (P)/SR 1