amounting to more than SR 10 billion, with an area of two million square meters
MCI, represented by the program of selling real estate units on the map, has issued licenses for the retirement residential project of the Public Pension Agency in Jeddah, with an area nearly 2,500,000 square meters. The total real estate units are 7493, of which 6346 apartments and 1147 villas.
The total cost of the project is estimated to more than ten billion riyals, and it is expected to be completed within (45-60) months from the date of construction.
The Ministry pointed out that the total value of selling real estate units on the map amounts to SR 27,294,883,034 for 26041 real estate units over the entire Kingdom, indicating that the number of licensed real estate units since the start of the current year 2015 AD amounted to 10479 units, valued at SR 11,478,222,520.
According to the Ministry's statistics, the projects of selling real estate units on the map licensed this year constitute a proportion of about 40% of the total licensed projects since the start of the program.
MCI would like to emphasize that it will pursue the real estate development projects based on selling units on the map, through the implementation of field trips to monitor the workflow and functioning of the projects and to follow-up the implementation.
The program of selling real estate units on the map is considered one of the means to own the property, that allows the buyer to obtain the real estate unit at a lower cost, as well as it allows the developer to obtain direct financing through the payments of the buyers.
It is worth mentioning that this program is giving licenses to sell real estate units on the map whatever the purpose is, as well as selling lands on the map, also marketing real estate on the map inside the Kingdom, and offering foreign real estate units on the map in the exhibitions inside the Kingdom.
|
Description
|
No.
of units
|
Total
Value (SR)
|
|
Total number of units since the start
of the program
|
26041
|
27,294,883,034
|
|
Units licensed in 2015 AD
|
10479
|
11,478,222,520
|
|
The current year compared to previous
years
|
40.24%
|
42.05%
|