The Ministry of Housing Signs Five Agreements with Four Companies to Build More Than 19,000 Housing Units, Boosting the Real Estate Market for Villas and Apartments
To build more than 19,000 housing units in Riyadh, Jeddah, Buraidah, and Al-Khobar), the Ministry of Housing, represented by the “Sakani” program, signed five agreements with four real estate development companies, coinciding with the announcement of the eleventh batch of beneficiaries of the Sakani program.
63 projects comprising 100,000 housing units
This comes as an extension of previous agreements signed by the Ministry with a number of qualified developers to construct thousands of diverse housing units in various regions of the Kingdom, with 63 projects launched to date, providing approximately 100,000 diverse housing units currently under construction, including villas, apartments, and townhouses, priced between 250,000 and 750,000 riyals, and there is growing demand from beneficiaries to reserve them.
The first project (Murooj Jeddah)
The number of housing units in the first project (Murooj Jeddah) is .
10,000 residential units are being built on land owned by the private sector.
Project 2 (Tanal) – Riyadh
Project 2 (Tanal), which is being built on privately-owned land in Riyadh, comprises 1,008 residential units.
The third project (Arin) – Al-Khobar
The third project (Arin), being built on privately-owned land in Al-Khobar, comprises 273 residential units.
The fourth project (Basateen Al-Qassim) – Buraydah
The fourth project (Basateen Al-Qassim), which is being built on land in the city of Buraydah.
It is owned by the private sector and comprises 76 residential units.
The fifth project (Louloua Abhar) – Jeddah
The fifth project (Abhar Pearl), located in Jeddah, is owned by the private sector and comprises 8,000 residential units, bringing the total number of residential units to 19,359 (including villas and townhouses) Under construction (“off-plan sales”).
The Ministry of Housing reaffirmed its commitment to fruitful cooperation with qualified real estate developers to help increase the supply of residential units and support the housing market, which ensures that companies compete to earn citizens’ satisfaction and meet their needs in a manner suited to the local market, while also guaranteeing the provision of ongoing maintenance services for the residential units.
Delivery within 3 years
The Ministry clarified that the real estate developers with whom agreements have been signed are partnering with the Ministry to serve citizens by providing a suitable housing environment in terms of price and specifications, while providing full guarantees to beneficiaries. These projects will be completed and handed over to beneficiaries within a maximum period of three years from the date the contracts are signed between the developers and the beneficiaries, emphasizing that these residential projects feature comprehensive services and public facilities, making them model residential complexes. They include designated sites for mosques, public parks, green spaces, and locations for government agencies.
The agreements were signed in the presence of His Excellency Minister of Housing Majid bin Abdullah Al-Hogail,
the CEO of the National Housing Company, Mohammed bin Saleh Al-Bati,
and a number of officials from the Ministry of Housing and the Real Estate Development Fund.
