Considering the Sale of Off-Plan Housing
The Public Pension Agency Provides 20,000 Housing Units in Various Regions of the Kingdom
Riyadh—Amlak
The Public Pension Agency stated that, as of the end of 2013, its real estate investment projects had contributed to the provision of 20,401 housing units across various regions of the Kingdom, including 4,754 housing units that are completed and currently occupied, and 11,237 housing units under construction. Design plans are also being finalized for 4,410 housing units distributed across the Central, Western, and Eastern regions, as well as the Jazan region.
High Efficiency in Implementation
The Corporation is currently studying the possibility of off-plan sales for its housing projects, which would allow citizens to select and monitor their homes, enabling them to specify their needs during construction.
Management of these projects is handled by Leading Investments Company, the Corporation’s executive arm, which began operations in 2008, and has completed advanced phases of the Foundation’s projects in record time through highly efficient management. This has enabled the company to execute, manage, and operate these projects to the highest standards of quality, a distinction that has earned the Foundation’s projects a first-class rating in the market, Furthermore, when selecting locations for its housing projects, the Foundation ensures the availability of all services and facilities, including schools, hospitals, health centers, and mosques, in addition to recreational and social centers.
Contributing to Domestic Development
The Corporation helps participants in the military and civilian pension systems acquire housing units through its housing program, which finances the purchase of housing units for civilian and military government employees and retirees. The program is an important source of financing for home purchases; by the end of 2013, the total amount of financing reached 2,450 million riyals, which was used to finance the purchase of 3,529 housing units for citizens throughout the Kingdom.
The program offers a number of benefits, including the option of early repayment, exemption in the event of death, and joint financing for married couples.
The Board of Directors of the Public Pension Agency, chaired by His Excellency the Minister of Finance, is committed to diversifying the Agency’s real estate investments to capitalize on opportunities available in the Kingdom, as well as to contribute to domestic development, meet the needs of participants in the civil and military pension systems, invest their funds in profitable and secure investment instruments to maximize participants« benefits, and meet the Authority’s short- and long-term obligations.
Major »Pension” Projects
Among the most important projects undertaken by the General Pension Authority is the Communications and Information Technology Complex
• Location: Riyadh, in the Al-Nakheel neighborhood on Imam Saud bin Abdulaziz bin Muhammad Road, westbound.
• Project Type: An integrated complex designed to foster an environment for technology and telecommunications activities.
• Land Area: 800,447 square meters.
• Construction: Office towers, research and development buildings, and a fully serviced residential complex.
King Abdullah Financial District Project
• Location: Riyadh, along King Fahd Road north of the city.
• Project Description: A headquarters for financial and investment institutions, the capital market, and related activities.
• Land Area: 1.6 million square meters.
• Construction: Skyscrapers, mixed-use towers, and integrated service facilities.
South Obhur Project
• Location: Jeddah, in South Obhur, north of the city.
• Project Description: A massive, integrated residential complex offering high-quality housing units.
• Land area: 2.5 million square meters.
• Development: 10 residential neighborhoods featuring villas and apartment buildings, as well as commercial and investment zones with supporting services.
Jazan Residential Complex Project
• Location: Jazan City, in the King Abdullah Residential Suburb, adjacent to Jazan University.
• Project Description: A large, integrated residential complex featuring high-quality residential units and facilities.
• Land Area: 1.6 million square meters.
• Construction: 4 clusters comprising 547 villas, 1,732 apartments, and facilities and services.
Ishbiliya Residential Project
• Location: Riyadh, in the Ishbiliya neighborhood on King Abdullah Road East.
• Project Description: A large residential complex featuring villas built and furnished to the highest standards.
• Land area: 300,000 square meters.
• Construction: 408 residential villas, a high-end restaurant, a banquet hall, a recreation center, and playgrounds.
Al-Raka Residential Complex
• Location: Dammam, in the Al-Raka neighborhood, next to Dhahran International Exhibition Company.
• Project Description: A large, high-end residential complex fully leased to Aramco.
• Land Area: 277,285 square meters.
• Construction: 537 residential villas with full service and recreational facilities.
Al-Khobar Corniche Project
• Location: Al-Khobar.
• Project Description: Distinctive residential units overlooking the city’s corniche.
• Land Area: 830,000 square meters.
• Development: 2,782 residential units accommodating 13,900 residents, including a five-star hotel, a conference center, exhibition halls, museums, a recreational area, a shopping center, and a full range of other services.
Diplomatic Quarter Complex
• Location: Riyadh, within the diplomatic and international organizations district in western Riyadh.
• Project Description: High-end residential, commercial, and office units.
• Land area: 28,595 square meters distributed across 22 plots.
• Construction: Luxury villas and residential buildings, offices, retail spaces, and parking lots.
