RIYADH – In clear indication of the desire of the major real estate development company to increase the supply of residential units in the market, Maskan Arabia Co. – one of the most prominent Saudi companies in the field of real estate – announced doubling the size of its project portfolio over the next two years. The step falls in line with the company's goal to bridge the gap between the supply and demand for housing in the Kingdom, and should further enhance the company's stature in the sector of real estate development. Additionally, Maskan Arabia said upon completion of its current residential projects including “Ritaj” – which comprises 292 residential units and considered as one of the greatest residential projects that the company is developing in Northern Riyadh – the number of residential units delivered by the company would reach around 406 units, well in line with the company's plan to reach more than 800 units over the next two years. During the past three years, Maskan Arabia delivered projects comprising 114 residential units. The most prominent among these are Maskan Villa 1, Maskan Villa 2 and Al Dar Project in Al Ma'ather district in Riyadh. Since its establishment in 2008, Maskan Arabia Company has witnessed outstanding growth in its business. Its new projects include BLOMINVEST - Maskan Arabia Fund in Yasmine district and the Al Sultan in Al-Thaghar district in Riyadh. Besides Ritaj project Maskan Arabia, the company recently announced a number of new residential projects, the most outstanding among them is Al Casaba project inspired by Al Casaba district in Spain. The project consists of 46 villas in an area ranging between 500 – 600 m2 per villa. The project is located in a prestigious area in Hitteen (Al Thaghr) neighborhood – known for its vibrant atmosphere with sprawling markets and readily available services. Apart from Al Casaba, another project in the pipeline is a closed residential compound comprised of more than 300 residential units. Maskan Arabia CEO Eng. Hossam Al Rashoudi underscored that its strategy since the beginning was focused on establishing separate projects including villas and apartments given their ease of management and guaranteed results. The strategy managed Maskan Arabia to secure such wide acclaim and prestigious reputation that enabled it to gain its customers' trusts, thus selling each and every residential unit of its entire projects shortly upon completion. The company focuses primarily on its customers and offers them high quality services which made it as one of the most credible and respected real estate companies in the region. “At Maskan Arabia, focusing on our customers and offering them high quality services come at forefront of our priorities. This has contributed to the consolidation of the company stature as one of the most credible and respectable real estate companies in the region. Recently, it beat its strongest competitors in the field of real estate in the world when it was granted the award of the ‘Best Company for the Development of Multi Real Estate Housing Units in Saudi Arabia' for the year 2013 by the Arab Real Estate Branch,” Al Rashoudi noted. The CEO of Maskan Arabia also said that the projects implemented by the real estate development companies, especially those that have the potential for development in terms of organization, investment and management, can perfectly contribute to bridging the gap between the supply and demand for housing in Saudi Arabia. He hoped that the coming years would witness integrated partnerships between the real estate companies and the Ministry of Housing in order to fill the current housing gap. The Maskan Arabia for Real Estate Development Company is considered one of the most prominent Saudi companies in the field of real estate development and of finding integrated and comprehensive real estate solutions that can be relied upon. It provides a wide range of luxurious housing projects and is committed to applying the highest professional standards in the selection of distinctive sites and in building housing units of high quality, commensurate with the needs of Saudi families. It has become the leading developer in the Kingdom in the provision of convenient housing characterized by combining the choice of aesthetic designs, application of the highest engineering and construction standards, careful selection of building material, and completion and delivery of the units according to the agreed schedules. Maskan Arabia is planning more housing projects to contribute to the prosperity of the Kingdom. — SG
