The Abdulrahman Salman Al-Halafi Group has completed all preparations for the sale of the “Saraya Riyadh” residential and commercial development in northern Riyadh, which will be offered for sale at a public auction next Wednesday, May 28, corresponding to the 28th of Sha’ban (May 24, 2017), The group confirmed that the auction will be a good opportunity, ensuring fairness and equality for prospective buyers, especially since it has received serious expressions of interest in purchasing over the past few days. It noted that buyers will be able to take immediate possession of their properties through the auction.
For his part, Abdulrahman bin Salman Al-Halafi, Chairman of the Group, emphasized that the development is distinguished by its full range of services; it is located within the urban area but outside the scope of the first phase of land fees, The project is located along Riyadh’s major thoroughfares along the commercial corridor, on King Fahd Road (east), Al-Olaya Road (west and east), and King Abdulaziz Road (west). It includes a variety of land uses designated for villas, apartment buildings, as well as commercial and investment sectors. This diversity of land uses is expected to benefit both developers and individuals seeking to own and reside in the residential and population expansion area extending northward from Riyadh.
It is also distinguished by its proximity to the buildings and headquarters of the Special Security Forces in Riyadh, the new Security Forces Hospital, and the near-completion of the new road connecting the area to King Khalid International Airport, It is also situated south of Riyadh’s Third Ring Road, which connects King Khalid Road in the west to Khuzam Roundabout in the east over a length of 28 km, in addition to its proximity to several private and government development projects such as the new headquarters of the Saudi Electricity Company, Al-Yamamah University, and the Medical Laboratories Project. It is also situated along Riyadh’s commercial corridor..
In the same vein, Al-Halafi invited investors, developers, and citizens interested in purchasing units in its residential and commercial development “Saraya Riyadh” in northern Riyadh to register at the headquarters of Mutaba’a—the project’s marketing agent—by phone or by visiting the company’s headquarters located north of Al-Shabab Club on King Fahd Road in Riyadh.
Al-Halafi highlighted the opportune timing of the auction, which followed a study of market conditions and demand levels, especially as a large number of real estate development companies are moving to construct residential units in line with the Ministry of Housing’s policies, which rely on partnerships with the private sector, and is also consistent with the desire of many companies to build residential complexes consisting of villas and apartments whose prices align with the subsidized financing products available to eligible applicants on the waiting lists of the Real Estate Development Fund.
Al-Halafi notes that the “Wafi” off-plan sales system, approved by the Ministry of Housing in its new form, and the ministry’s commitment to encouraging the private sector to adopt housing projects through this system, underscores the need to create fully serviced housing developments at affordable prices, free from speculative construction, and—most importantly—located in areas that attract residents and offer all necessary services, At the same time, he expects the Saraya Riyadh project—given its level of development and services—to help fulfill the aspirations of both developers and individuals, thanks to its prime location near major government complexes, public and private universities, and the new headquarters of major companies in northern Riyadh.
