Saudi National Housing Co. signs off over 530 units to Pearl of Diyar project’s beneficiaries in Yanbu
RIYADH: Saudi Arabia’s National Housing Co. has delivered over 530 units to the beneficiaries of Pearl of Diyar project in Yanbu governorate, as part of the firm’s commitment to deliver housing units throughout the Kingdom.
The project extends over an area of over 700,000 sq. m, located at the north of Yanbu, in a quiet sea area, according to the Saudi Press Agency.
Many service facilities have been allocated to government agencies, mosques, schools, parks, green spaces and commercial facilities in the project in order to provide quality of life to the residents.
The National Housing Co. provides various projects under construction in partnership with real estate developers, distributed across the Kingdom’s regions.
Founded in 2016, NHC aims to provide a modern life in which the quality of housing units comes in accordance with the international standards.
In line with the Kingdom’s Vision 2030, this comes as part of the company’s endeavor to achieve the objectives of the Housing Program Housing to raise the proportion of home ownership of Saudi families to 70 percent by 2030.
Last August, the Saudi firm signed an agreement with Sumou Real Estate Co. to build residential units for SR540 million ($144 million).
The company said in a bourse filing that it will develop up to 507 villas for Al-Samiya, a residential project located in Al-Madinah.
Upon receiving the land from the National Housing Co., Sumou will begin construction of the project.
The company said the project will contribute to its performance at the start of sale and implementation.
In April, the company launched 5,000 new residential villas in Riyadh, as part of a plan to enhance real estate supply through the Sakani program during 2022.
The launched units were located in the north of Riyadh and in the Al-Asala project in the south, the Saudi Press Agency reported.
In 2017, the Ministry of Housing and the Real Estate Development Fund formed the Sakani program to facilitate home ownership in the Kingdom, by developing new housing stock, allocating plots and homes to nationals and financing their purchase.