The Ministry of Housing, through its “Wafi” off-plan sales program, has continued to launch batches of its housing projects, announcing this week the launch of the second batch of its public-private partnership projects for the current year, inviting real estate developers interested in competing to design, market, build, and deliver 32,924 housing units on Ministry of Housing land in a number of regions and provinces across the Kingdom.
Residential Projects
The Ministry stated that the projects include the Dammam Housing Project (10,058 residential units), the Al-Kharj Housing Project with 3,550 housing units, the Khamis Mushait Housing Project with 3,216 housing units, the Al-Ahsa Project with 3,160 housing units, the Abha Al-Taawon Housing Project with 2,352 housing units, the Rabigh Housing Project (1,868 housing units), the Hail Housing Project (1,440 housing units), the Al-Dawadmi Housing Project (1,199 housing units), the Yanbu Al-Bahr Housing Project (1,079 housing units), the Tabuk Housing Project with 970 housing units, the Qatif Al-Badrani Project with 900 housing units, and the Unaizah Housing Project with 734 housing units.
It also includes the Arar Housing Project with 722 housing units, the Riyadh Area (C) Housing Project with 616 housing units, the Al-Ayina Project with 392 housing units, the King Abdullah Suburb Housing Project with 200 residential units, the Al-Mubarraz Housing Project with 190 residential units, and the Rabigh Ardh Al-Ashghal Housing Project with 278 residential units.
32,924 housing units
This batch of 32,924 housing units, offered through the off-plan sales program, complements the previously announced first phase comprising a total of 9,049 apartments in various regions and provinces of the Kingdom, as part of several phases to be launched during 2017, within the framework of the Ministry’s efforts to activate the partnership with the private sector through two fundamental pillars: supporting supply and stimulating demand, thereby achieving an optimal balance in the Kingdom’s housing market.
It is worth noting that the “Wafi” off-plan sales program aims to reduce the costs of owning real estate units and enable consumers to acquire high-quality real estate units at competitive prices, protect buyers“ rights through regulations and procedures, and increase transparency in the real estate market. Additionally, it aims to foster a spirit of competition among developers through a ”rating" system and contribute to increasing supply by promoting real estate projects. It also aims to enhance the ability of development companies to transition from individual to institutional operations, and to limit speculative activities that negatively impact real estate prices.
Successive Batches
It is worth noting that the Ministry of Housing announced last month, through the ”Wafi” program, the launch of the first batch of its projects for the year 2017. It invited real estate developers wishing to compete to propose the design, marketing, construction, and delivery of residential units within multi-story residential buildings on Ministry of Housing land in the Al-Kharj project (580 residential units), the Al-Ahsa project with 310 residential units, and the Khamis Mushait housing project with 2,802 residential units, as well as the Tabuk Housing Project comprising 5,357 residential units. To obtain the terms and specifications booklet, valued at 15,000 SAR, submit a check payable to the Off-Plan Sales Committee or deposit the amount 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.
