It was announced by The National Housing Company (NHC) and the Saudi Talaat Moustafa Group have laid the cornerstone and begun sales for the “Banan City” project in the Al-Fursan suburb northeast of Riyadh.
The launch was announced at the headquarters of Al-Fursan suburb in the presence of His Excellency the Deputy Minister of Municipal, Rural, and Housing Affairs and Chairman of the Board of Directors of the National Housing Company, Mr. Ehab bin Ghazi Al-Hashani, and the CEO of the National Housing Company, Mohammed bin Saleh Al-Bati, as well as the Chairman of the Board of Directors of Talaat Moustafa Group – Saudi Arabia, Hisham Talaat Moustafa; the Vice Chairman of the Board of Directors of Talaat Moustafa Group – Saudi Arabia, Sulaiman bin Abdulqadir Al-Muheidib; and a number of board members and senior executives from both companies.
“Banan City” is a smart residential city with integrated services spanning an area of 10 million square meters, including 40 % of vast open green spaces, It offers an unprecedented quality of life for more than 120,000 residents in a gated community, thanks to its unique blend of the latest smart city technologies with the concepts of authenticity and residential privacy, while applying the latest sustainability standards to present a new vision for an integrated lifestyle that represents the premier destination for housing and promising investment in Riyadh. Banan City offers more than 27,000 residential units, including apartments, villas, and plots of land for families, in a variety of sizes and layouts.
The Banan project is located within the National Housing and Urban Development Company’s largest suburb, Al-Fursan, which was designed to provide an integrated urban living system in line with the Kingdom’s Vision 2030, featuring new standards and a sustainable urban environment across an area of 35 million square meters, providing more than 50,000 residential units capable of accommodating over 250,000 residents, and features more than 190 vital facilities ranging from educational, health, sports, and recreational facilities and services to parks, mosques, and places of worship. Green spaces cover an area exceeding 6 million square meters, bringing vitality and breathtaking natural beauty to the suburb.
It is worth noting that “National Housing Authority” is the leading enabler of the real estate development sector and the largest master developer of suburbs and residential communities characterized by a high quality of life. It aims to increase the real estate supply in the Kingdom, and to provide diverse housing options at prices commensurate with purchasing power, as part of its efforts to achieve the goals of the Housing Program—one of the programs under the Kingdom’s Vision 2030—by raising the homeownership rate among Saudi families to 70%.
