With a total cost of 350 million riyals and covering an area of 26,000 square meters, the Off-Plan Sales Program has issued an off-plan sales license for 372 real estate units, including 336 apartments and 36 residential villas, as part of the Gardenia Residence project in Jeddah, developed by Al-Ahli Financial Real Estate Investment Company. The project is expected to be completed in the first quarter of the coming Hijri year, with the project’s completion rate currently standing at 65%.

The program clarified that the total value of off-plan sales projects it oversees amounts to approximately 39 billion riyals for more than 30,000 real estate units across the Kingdom, and confirmed that it continues to monitor off-plan real estate development projects by conducting site visits to oversee project progress and track implementation.

The off-plan sales program is one of the ways to acquire real estate that allows buyers to purchase property at a lower cost, in addition to enabling real estate developers to obtain direct financing through buyers" payments.

It is also worth noting that the program authorizes the off-plan sale of real estate units regardless of their purpose, the off-plan sale of land, the off-plan marketing of real estate within the Kingdom, and the off-plan display of foreign real estate units at exhibitions within the Kingdom.

It is worth noting that a royal decree has been issued approving the transfer of oversight of off-plan sales and the committee formed for this purpose from the Ministry of Commerce and Industry to the Ministry of Housing, where final arrangements are currently being made.