The National Housing Company (NHC), a government holding company that is wholly owned by the Saudi Arabian Ministry of Housing as its investment arm, has launched a New Makanah Residential Project in Makkah, a city and administrative center of the Mecca Province.
Developed on a total land of 20,000sqm as part of the Sakani program, a real estate initiative under the NHC designed to support and enable Saudi citizens to own homes, the project feature 108 residential units spread across six buildings.
These units, the construction of which reportedly will be is supervised by the off-plan sale or rent program “Wafi,” are modern designs and they come in multiple sizes and designs that suit all the needs of Saudi families. They are priced at US$ 153,918 onwards for Sakani beneficiaries and they are all available for Sakani members in easy monthly installments.
When completed, it’ll add to the 69,000 housing units in the city.
The New Makanah Residential Project in Makkah to help fill the housing gap in Saudi Arabia
Development by the Pan Kingdom Real Estate Company, the New Makanah Residential Project in Makkah serves as an extension of the efforts that are being made to increase residential real estate supply in the Kingdom. It also aims to provide housing and financing solutions to increase the percentage of Saudi families’ ownership to at least 70% by the year 2030.
Established to be the investment arm of the programs and initiatives of the Ministry of Municipal and Rural Affairs & Housing within the real estate, commercial and residential sectors, NHC said that the project is also an extension of its efforts to provide the citizens of Saudi Arabia with residential communities that are of a vibrant, and civilized nature.