Saudi KAEC delivers plot ownership certificate
Riyadh, May 18, 2014
King Abdullah Economic City, a megaproject in Saudi Arabia, has announced the delivery of the ownership certificates to buyers of land plots at its Al-Talah Gardens residential district.
The project is moving at an accelerated pace in delivering various projects to investors, said a statement from KAEC.
The certificates were delivered immediately following the transfer of ownership procedures at ECA headquarters “the government authority responsible of the economic cities” based in KAEC.
Muhanud bin Abdul Mohsen Hilal, the secretary- general of ECA, said the Authority provides one of the most important services entrusted to it, which is to create a regulatory environment that enables real estate owners to register their properties and facilitate all related procedures to ensure the smooth flow of sales and acquisitions.
Fahd Al-Rasheed, the managing director and CEO of KAEC, said the first release of documents of ownership issued by the ECA is a boost for the future development of the city, which will encourage property owners to invest in it and take advantage of the real estate products and mortgage services.
"We are delighted with this important step, which embodies the keenness of the ECA to support the development of KAEC through legislation and to enhance the spectrum of services that are offered to investors and the residents of the city, which are factors helping to accelerate the development processes in the city," he noted.
The development in Al-Talah Gardens neighborhood, which has a total area of more than 500,000 sq m, is currently at an advanced stage where the first phase of infrastructure works and services have been recently completed. Now, the receipt of approval from the Authority paves the way for owners to apply for construction permits, he added.
Al-Talah Gardens is located in the heart of KAEC overlooking two main roads linking the city's east side with the west, and the south side with the north. It offers a crescent Park stretching nearly 1 km walkway and bicycle paths meander through a naturally shaded garden landscape that connects people directly to the neighbourhood centre.-TradeArabia News Service