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Booking Proceedings Milestone of 249 Residential Units in Bawabat Tiba Project in Medina Achieved by 16/1/2019

Feb 04

Booking Proceedings Milestone of 249 Residential Units in Bawabat Tiba Project in Medina Achieved by 16/1/2019

Developed and Marketed by Al Mosoqoon

Al Mosoqoon Real Estate Company for Investment and Development celebrated a milestone on 16/1/2019, with the booking of 249 residential units in Bawabat Tiba project in Medina, within the Sakani program proposed by the Ministry of Housing.

Eng. Mohamad Mutawalli, CEO of Al Mosoqoon, explained that construction is currently underway on the project, which includes a total of 700 residential units on a built-up area of 133979.79 m2. He added that handover of units is expected in December 31, 2020 to the beneficiaries of the Ministry of Housing’s ‘Sakani program.

Mutawalli indicated that the company has agreed with the land owner Al Nahla Trading and Contracting Co known as Al Nahla Group, to develop, build and market the project in partnership with the Ministry of Housing.

“The development includes several low-rise buildings spread over 2 to 4 floors, with two apartments per floor. This means fewer dwellers, enhances communication between residents and ensures improved privacy and intimacy, compared to other eight-floor developments,” he said.

Mutawalli added that the project comprises a total of 700 residential units of different size and design (ranging from 131 to 328 m2); at prices ranging from SR297,450 with subsidized monthly installments starting from 1,200 Riyals per month.

He continued: “The Bawabat Tiba project is located on the eastern side of Medina in close proximity to the main airport road that connects the airport with Al Masjid Al Nabawi, 7 km from the mosque and 3 km from Prince Mohammad bin Abdulaziz International Airport.”

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He noted that the project is ideally located in close proximity to several landmarks and service facilities like the Haramain High-Speed Railway Station, Mount Uhud, Taibah University and others. “The project includes all infrastructure services (sanitation, water works, electrical works, telecom works, lighting, roads and paving, and landscaping works) as well as a variety of public amenities (four schools for boys and girls, three kindergartens, three mosques, gardens, a health center, and one parking lot for each residential unit). The development also features a shopping district, with a myriad of stores.”

Eng. Mohamad Mutawalli emphasized that Al Mosoqoon aims to provide adequate housing that meets aspirations of all segments of society, commensurate with the purchasing power of applicants. This would create modern and integrated residential communities, with all of the necessary services.

He noted that the company seeks to become the largest real estate developer in Medina and to expand its footprint across the KSA by providing high-quality residential units.

The “Sakani” program is a program provided by the Ministry of Housing and the Real Estate Development Fund to facilitate and accelerate access to diversified housing solutions through easy and seamless steps. It aims to provide housing and financing solutions for Saudi families to increase the ownership rate for the beneficiaries of housing subsidy who are registered in the Ministry of Housing and Real Estate Development Fund, in partnership with the private sector and financing parties.

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