The Ministry of Housing has called on real estate developers to boost the private sector’s contribution to the Ministry’s program through the off-plan sales program (Wafi), and to partner in implementing the first phase of its projects for the year 2017, by participating in a competitive bidding process to design, market, construct, and deliver residential units within multi-story residential buildings on Ministry-owned land.

The Ministry revealed that these projects include the Al-Kharj project with 580 residential units, the Al-Ahsa project with 310 residential units, the Khamis Mushait Housing project with 2,802 residential units, as well as the Tabuk Housing Project with 5,357 housing units. To obtain the terms and conditions booklet, a fee of 15,000 riyals must be paid by check made out to the Off-Plan Sales Committee or deposited into Al-Bilad Bank account number (SA65 1500 0999 1154 6579 0001), and bring proof of payment to the Committee’s headquarters at the Ministry of Housing.

This batch, consisting of 9,049 residential units (apartments), is being offered through the off-plan sales program as the first of several phases to be launched during 2017, covering all regions of the Kingdom, as part of the Ministry’s efforts to activate its partnership with the private sector through two key pillars: supporting supply and stimulating demand, thereby achieving an optimal balance in the Kingdom’s housing market.
It is worth noting that the off-plan sales program (Wafi) aims to reduce the costs of owning real estate units, protect buyers’ rights through regulations and procedures, and increase transparency in the real estate market, in addition to fostering and stimulating competition among developers through a (rating) system, and to contribute to increasing supply through the development of real estate projects.