Dar Wa Emaar CEO says Saraya Al Narjis received strong turnout, early handover expected

Osama Alkhunaizi, CEO of Dar Wa Emaar Real Estate Investment and Development Co. (DWE), told Argaam that Saraya Al Narjis project sold out by the end of August, after receiving unprecedented turnout as buyer waiting lists comprised more than 5,000 people.

The strong turnout was backed by the confidence of beneficiaries in the products of the Saudi Ministry of Housing (MoH) and Dar Wa Emaar, Alkhunaizi said in DWE’s ceremony to present Villa Saraya Al Narjis.

Beneficiaries are currently facing no challenges with respect to mortgage loans, as the housing ministry has issued several home mortgage initiatives.

The project’s land will be received soon, Alkhunaizi explained, adding that under the agreement the Saraya Al Narjis will be delivered in 30 months, expecting to handover before the deadline.

Saraya Al Narjis project, located in north of Riyadh, spans 750,000 square meters as part of a fully-integrated residential district. The project comprises 1,249 homes.

DWE is a key strategic partner of MoH and the National Company for Housing (NCH). The real estate developer participates in developing housing projects for the MoH beneficiaries. DWE has recently developed Saraya Al-Jawan project, within the second phase of the Murcia Riyadh project. On the first day of the project launch, 90% of its units were booked in less than 8 hours.