TIMCO completes nearly 20 per cent construction work on Rawasen Residential Project

TIMCO completed 40 per cent of phase 1 comprising 116 residential units, 52 townhouses and 64 apartments

21 March 2021- Tamimi Trading & Contracting Co (TIMCO) has revealed that nearly 20 per cent of construction work on Rawasen Residential Project has been completed. Located north of Yanbu Al-Bahr, the construction project has completed 40 per cent of phase 1 which comprises 116 residential units, 52 townhouses and 64 apartments.  

There is a high demand for this residential project, given the strategic location, high standard of facilities available within the community including schools, mosques, a dedicated healthcare center equipped with latest medical technology and up-to-date operational systems.

The development comes as the Kingdom is investing in real estate to bolster the residential sector in line with the directives of HM the Custodian of the Two Holy Mosques and HRH the Crown Prince. The country is aiming towards offering Saudi nationals the option of suitable accommodations and to enhance their quality of life, which is considered as one of the main goals of Saudi Vision 2030.

Rawasen Residential Project has been designed according to the highest safety standards and comprises 690 spacious residential units with a capacity of approximately 3600 occupants. Approved by Sakani program, the project was implemented in partnership with the Ministry of Housing. The program provides a wide range of options to the nationals listed in the Ministry of Housing and the Real Estate Development Fund to select the accommodation type that meets their needs and preferences, thus bolstering the local real estate market and increasing the rate of property ownership in the kingdom. 

Eng. Fahad Al Tamimi, Chairman, Tamimi Trading & Contracting Co Ltd (TIMCO) said: “Rawasen Residential Project is an attractive destination for Saudi nationals looking to own adequate housing. The project hopes to live up to the social and environmental responsibility of developing an urban environment facilitating a better standard of living for the locals.”

He added: “We are moving forward with the project with around 40 per cent of the first phase to be completed by the end of this year, which means 16.4 per cent of the total construction would be completed by then. This realizes the  vitality of the Saudi real estate and contributes to the urban development which has received tremendous support from the government. Despite the challenges due to COVID-19, we managed to continue developing the project according to the specified schedule. We are fully committed to ensure the security, safety and health of our employees and workers and have all preventive measures in place. Rawasen Residential Project is unique in design and is inspired by the Saudi traditional architecture. It targets nationals looking for luxury apartments with comfort and privacy.

“This project is testament to our continued contribution towards the expansion of urban and residential sector of the KSA as demand in the real estate market is set to rise in the coming years after the pandemic.” Al Tamimi concluded.

Rawasen Residential Project is designed as residential neighborhoods that are in close proximity to each other, connected by green spaces and roads made for leisure activities such as cycling and jogging.

The project is known for its accuracy in detail in the high-end specifications keeping in mind the needs of the Saudi nationals. It represents an important initiative to provide a boost to the KSA’s housing sector, which is witnessing a remarkable growth, due to unwavering support of H.E. Majid Al-Hoqail, Minister of Municipal and Rural Affairs and Housing.