Meed | Saudi Arabia’s NHC launches Sadayem project in Jeddah

Saudi Arabia’s NHC launches Sadayem project in Jeddah

19 July 2023

Saudi Arabia's National Housing Company (NHC) has launched the Sadayem housing project in the north Obhur area of Jeddah.

The project will spread across an area of 3.8 million square metres and will have more than 8,000 housing units including villas, apartments and townhouses.

The architectural design of the scheme will be inspired by the identity of the Hijazi region. The project is planned to eventually accommodate more than 40,000 residents.

Agreements signed

Several agreements were also signed between NHC and other real estate development companies. These include:

Retal Real Estate Development Company
Makkiyoon Urban Developers
Maya Real Estate Development and Investment
Dar Wa Emaar Real Estate Investment & Development Company
Mohammad Al-Habib Real Estate
Ajdan Real Estate Development Company
Thabat Real Estate Development
Pan Kingdom Real Estate.

Memorandums of understanding (MoU) were also signed with service providers such as Dr Sulaiman Al-Habib Medical Group, Leejam Sports Company, Human Development Company, Saudi Automotive Services Company (Sasco), and Waad Holding Company.

Additionally, cooperation agreements were also signed with Al-Ahli Bank, Al-Bilad Bank, and Al-Rajhi Bank, to offer special financing options for the Sadayem scheme beneficiaries.

According to NHC, the sale of properties in the Sadayem suburb will begin on 24 July. The first phase will include villas with a starting price of SR800,000 ($213,261). The sale of apartments and townhouses will follow in upcoming phases.