Abdulrahman Al-Rashed & Sons announced that reservations for the residential units allocated to the North Riyadh Housing Project have been fully booked, reflecting the tremendous success of the Ministry of Housing’s public-private partnership program with real estate developers.
The company’s CEO, Sulaiman Al-Rashed, confirmed that the project comprises 577 residential units being developed by the company, which have been fully reserved through the housing program and the off-plan sales system. Prices for the residential units range from 612,000 riyals to 776,000 riyals, with an average price of 674,000 riyals.
Al-Rashid explained that the monthly installment paid by the beneficiary to the financing entity amounted to 2,034 riyals, while the percentage of residential units selected based on purchasing power reached 86%, and the percentage of project visitors who met the purchasing power criteria was 34%. He noted that marketing of the project began on September 25, and all reservations were filled in less than a month.
He said: «As developers of the North Riyadh Housing Project, our role can be summarized in several points, including welcoming the beneficiary after they have been approved and received the financing amount from the lender. We provide them with a complete and detailed explanation of the units to be built on the site, and we familiarize them with the designs, various floor plans, and specifications of the units, which must be of high quality. We then sign the contract specifying the financing and handover period, which is a maximum of three years, We are also obligated to execute the project in accordance with all agreed-upon details—including the timeline and high quality—to ensure the beneficiary’s satisfaction.»
Al-Rashed noted that the Riyadh Housing Project consists of townhouse residential units characterized by a number of features, including preventing overcrowding, eliminating haphazard urban planning and construction, harmonizing the visual appearance of the homes in terms of colors and shapes, facilitating access to public transportation, and establishing centralized commercial districts. Townhouse buildings consist of terraced homes made up of several uniform, standardized units. He noted that the partnership program launched by the Ministry of Housing has created investment opportunities for developers, which has had a significant positive impact on the prices of residential units currently on the market and those to be offered in the future. It has also encouraged real estate developers in the Kingdom to increase the housing supply and find suitable solutions to ensure citizens have access to housing that meets their needs.
