We are looking for a serious investor and successful partner to complete and develop an existing building (L-shaped 3-story structure) and transform it into a ready-to-rent residential investment project, in a vital and highly sought-after location for medical staff and families.
📊 Property and Project Details:
Property Location: Al-Faisal neighborhood in Al-Ja'ranah, near Makkah General Hospital (an area experiencing high demand and a shortage of housing units).
Land Area: 506 square meters (with an independent electronic title deed).
Current Status: An existing villa consisting of 3 floors (L-shaped design), with a remaining yard area of 300 square meters and a ready-to-use 10-meter long and 2.5-meter wide swimming pool at the edge of the yard to serve tenants.
Development Plan: Modify the plan and complete the construction to make the building consist of 3 floors and an annex (with a total of 11 residential apartments).
Unit Details: Each apartment consists of (2 bedrooms + living room + kitchen + bathroom).
💰 Estimated Numbers and Feasibility Study:
Cost of completion, modification, and reconstruction (borne by the investor): Approximately 600,000 Saudi Riyals.
Expected Rental Yield:
Price per apartment rental: 15,000 SAR annually.
The swimming pool and facilities serve all tenants and increase the property's attractiveness and speed of rental.
Total Expected Annual Income: 165,000 SAR annually.
Proposed Investment Contract Duration: 15 years.
Total Expected Returns during the Investment Period: 2,400,000 Saudi Riyals (subject to study and agreement to benefit both parties).
✨ Project Advantages for the Investor:
High Demand: The scarcity of housing units in the neighborhood and the direct proximity to the hospital guarantee high and continuous occupancy throughout the year.
Competitive Advantage: The presence of a swimming pool and service areas enhances the market value of the apartments and facilitates their rental.
Supported Asset: The work is being done on a property with an electronic title deed and has been significantly established (3-story structure), saving time and initial costs.
For those interested in this opportunity