Revealing its latest housing project in North Obhur, Jeddah, the National Housing Company (NHC) has announced that the sale of properties for the Sadayem Suburb will begin on 24 July, with prices starting from $213 thousand (SAR800 thousand).
The NHC stated that it has signed 8 agreements with top ‘highly qualified’ developers for the project, which covers a total area that exceeds 3.8 million sq m for more than 8,000 residential units, including villas, apartments, and townhouses.
According to the company’s statement, the strategically located suburb, located in the east of Al Buhairat city, near the Red Sea coast, and close to various essential services and significant future projects, is expected to accommodate more than 40,000 residents, with the structures’ architectural designs inspired by the identity of the Hijazi region.
During the launching ceremony, the Deputy Executive President of the National Housing Company, Yazid bin Ibrahim Al Nafisa, emphasised that residential suburbs reflect the vital role the company plays in empowering the private sector through its collaboration with specialised companies to provide more future projects, as well as help increase the home ownership rate in the kingdom.
Signing Qualified Developers
The Sadayem Suburb launching ceremony also witnessed the signing of several agreements between NHC and other real estate development companies, including Rattal Real Estate Development Company, Mayar for Development and Real Estate Investment Company, Dar and Emaar, Mohammad Al Habib and Partners Company, Ajdan for Real Estate Development Company, Thabat and Pan Kingdom Real Estate Company.
Moreover, The NHC signed memoranda of understanding (MoU) with Al Habib Medical Group, Lejam Sports Company, Human Development Company, SASCO Vehicle Services and Waad Holding, with the intention of providing comprehensive services for the inhabitants of the suburb.
Additionally, cooperation agreements were also signed with the Saudi National Bank (SNB), Al Bilad Bank, and Al Rajhi Bank, to offer special financing options for Sadayem suburb beneficiaries.