By Staff Writer
Saudi Arabia’s Knowledge Economic City (KEC) has confirmed that residential unit reservations by non-Saudi property buyers have crossed more than 547 million Saudi riyals ($145.88) in Al-Alya mixed-use development in the KEC masterplan in Madinah.
Down payments have been received from non-Saudi buyers for 231 residential units, the developer said in a statement to the Saudi stock exchange.
The Kingdom started accepting applications by non-Saudis to purchase property in June after the Foreign Real Estate Ownership law came into force in January.
Total contracted sales exceed SAR 520 million from the sale of 351 residential units, the company said.
The project will have 1,420 residential units in total, with 1,052 units currently licensed for off-plan sales. Another 368 residential units are currently undergoing the process of obtaining off-plan sales licenses.
A total of 838 units are remaining for sale across the entire project, the statement said.
Al-Alya spans nearly 269,000 square metres (sqm) in Madinah with more than 72,000 sqm dedicated to landscaped parks, open spaces, and pedestrian pathways.
(Editing by Anoop Menon) ([email protected])
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