Saudi Aramco reviewed its experience in owning residential units for its employees through off-plan sales, during the first session of the forum for off-plan sales projects “Wafix” 2018, currently organized by the Off-plan Sale and Leasing Program “Wafi”, at the Crowne Plaza Hotel in Riyadh, which concludes today, Saturday, March 31.
First Session: Aramco and the housing experience
During the first session, Engineer Wajih Malibari spoke about Saudi Aramco's system for distributing housing units on the plan, which is a unique model in these projects due to its success in establishing residential complexes that take into account the durability of infrastructure that resist the factors of time with high quality designs and choices that meet the needs of the beneficiary and within the local environment, which prompted many of those interested in real estate to transfer this experience to sectors and ministries in the Kingdom.Malibari explained that Aramco's system for distributing housing units on the plan is a unique model in these projects due to its success in creating residential complexes that take into account the durability of infrastructure that resist the factors of time with designs and choices of high quality. Malibari explained that Aramco's home ownership program is more than 65 years old, pointing out that the Ajyal project is currently the company's largest, reviewing the most prominent challenges and features of the projects.
Jabal Omar's experience in off-plan sales
In the second session, Jamil Ghaznavi talked about the history of Jabal Omar Company, the challenges it faced and its current and future projects, indicating that the real estate sector is undergoing rapid development, and that the features of the Wafi program facilitated the strategies of development companies and contributed to their organization, describing the off-plan sales experience as good, pointing out that what distinguishes the Wafi systems is their implementability and flexibility, which contributes to achieving satisfaction for all parties dealing with the program, reducing issues and confirming the developer's seriousness.Real estate sector challenges and features of the projects.
Sector Challenges and Funding
Ghazwani revealed the committee's intention to repeat the experience of the exhibition and forum “Wafix” in the coming years. During a session on “Opportunities and challenges of off-plan sales projects”, Mazen Al-Ghunaim discussed the importance of financing companies in partnership with real estate development programs in the off-plan sales system, while Noman Al-Dajani talked about the relationship between real estate development programs and the off-plan sales system, Engineer Hussam Al-Sharif reviewed the most prominent challenges facing engineering consulting offices, while Ahmed Al-Faraj explained the role of chartered accountants in the off-plan sales process.
Wafix Exhibition reviews international experiences
<A number of real estate development companies and financing institutions, in addition to engineering and accounting offices, will participate in the exhibition, during which a number of international experiences in the field of buying and owning residential units in the off-plan sales system “projects under construction” will be reviewed, and many diverse real estate products and the experiences of local and regional companies will be displayed. Visitors will also be able to view them, learn about the mechanism of ownership in this type of real estate development activities, and participate in specialized workshops in this sector.
The Wafix Exhibition and Forum comes within the framework of Wafi's efforts to introduce licensed projects and their importance in providing appropriate options for those wishing to own and buy early before or during the project implementation phase.
Wafi's exhibition and forum comes within the framework of the efforts of the Wafi program to introduce licensed projects and their importance in providing appropriate options for those wishing to own and buy early before or during the project implementation phase.
