With a combined value exceeding 6.5 billion riyals, the Ministry of Commerce and Investment’s Off-Plan Sales Program has issued two licenses for the off-plan sale of real estate units for two projects in Riyadh and Jeddah, with a total area exceeding 6.5 million square meters, while the total number of real estate units for the two projects is 8,887.

The first project is in Bawabat Al-Sharq

Location: East Riyadh

Area: (6,544,314) m²

Components: (8,743) residential units, including (6,782) single-family homes and (1,961) commercial and residential lots.

Project 2 (Farsi 8)

Location: South Abhur in the Jeddah Governorate.

Area: (9,740) m²,

Components: A 38-story residential and commercial tower with a total of 144 units, including 130 apartments, 4 villas, and 10 retail stores.

The program noted that all licensed off-plan sales projects across the Kingdom are regularly supervised and monitored, with their progress overseen by specialized engineers and accounting and consulting firms to ensure they are implemented to the highest standards and in accordance with the terms of the the implementation contract. It also noted that off-plan purchases allow buyers to acquire property at a lower cost, while enabling real estate developers to secure direct financing through buyers" payments, In addition to off-plan sales, this creates investment opportunities and real estate projects through various methods, and provides the highest levels of trust and security among parties in this field, while protecting their rights.

It should be noted that the off-plan sales program was approved by the Council of Ministers under the supervision of a committee comprising a government team from the Ministry of Commerce and Industry, the Ministry of Justice, the Ministry of Municipal and Rural Affairs, the Ministry of Housing, the Saudi Arabian Monetary Authority, and the Industrial Cities Authority.