The Ministry of Housing, in collaboration with Al-Tahaluf Real Estate Company, a Saudi Arabian limited liability company, is planning to develop a residential development project in the Eastern District of Riyadh that will include different types of residential units, including approximately 462 housing units in a residential community that is split between 426 duplex units and 36 single home villas, all within a price range of SR 530,000 to 590,000 per unit. This collaboration is achieved by the join efforts of the Ministry of Housing and the National Center for Privatization to strengthen the private sector participation in the national development. In the same regard, the Chief Executive Officer of Investment and Real Estate Development at the Ministry of Housing Naif bin Abdulmohsen Alrasheed said that Al-Tahaluf Real Estate Company and the ministry will enter into a Joint Venture to be organized under the laws and regulations of the Kingdom of Saudi Arabia, where the ministry will provide the necessary financial incentives and other developer incentives for the purpose of developing the project. The Ministry of Housing will offer support for the Joint Venture through its newly developed programs such as ITMAM and WAFI and development incentives like underwriting of unsold units. The total land area is 84,679 square meters and is owned by Al-Tahaluf Real Estate Company. Alrasheed added that this is the first PPP scheme in Saudi housing sector between the public and private sector on the private sector land, and the PPP center of excellence played a vital role in follow up and solving regulatory challenges. Al-Tahaluf Real Estate Company is one of the largest developers in the Kingdom of Saudi Arabia with a multinational heritage through merging the expertise of our founders, Hamad Bin Mohammad Bin Saedan Real Estate Investment Group and Hovnanian Enterprises, one of the largest real estate developers in USA. The Project will be designed by Studio Piet Boon, which is recognized for its multi-disciplinary design services and its remarkable talent of balancing functionality, aesthetics and individuality into a one of a kind design experience, with projects executed in more than 46 countries around the world.
