The Saudi Ministry of Housing has signed five agreements with four real estate development companies to build more than 19,000 housing units in Riyadh, Jeddah, Buraydah and Khobar for the beneficiaries of the Sakani Program, which announced its eleventh installment of projects on Thursday.
This is an extension of previous agreements signed by the ministry with a number of qualified developers to create thousands of residential units in various regions of the Kingdom. So far, 63 projects have been launched, offering about 100,000 housing units which are under construction including villas, apartments and townhouses at prices ranging from 250,000 to 750,000 riyals. There has also been an increase in the number of registrations for the Sakani Program by citizens who want to reserve their units.
The agreements were signed in the presence of housing minister and the CEO of the National Housing Company, as well as a number of officials at the Ministry of Housing and Real Estate Development Fund.
Of the five projects is Murooj Jeddah, which is being built on privately owned land and houses 10,000 units, and Tanal in Riyadh which will house 1008 units and Areen in Khobar which will house 273 units.
The Ministry of Housing stressed its keenness on this fruitful cooperation with real estate developers qualified to contribute to pumping more housing units and supporting supply in the housing market. They added that this ensures that companies compete to win the satisfaction of citizens and ensuring maintenance and services are topnotch.
The ministry added that they are working with the real estate developers to provide a suitable residential environment in terms of price and specifications, with the provision of all guarantees to the beneficiaries. They added that these projects will be implemented and handed over to beneficiaries within a period not exceeding three years from the date of signing contracts. They stated that the sites will have areas dedicated to mosques, parks and green areas, as well as for some government agencies.