Mechanisms for calculating the quantities of off-plan sales projects

The off-plan sale or lease program “Wafi” has adopted the mechanisms for calculating the quantities of construction work items for the licensed off-plan sales projects, in accordance with the decision of the Council of Ministers, which includes setting up mechanisms for calculating quantities to determine the disbursement of payments for project expenditures. The program clarified that adopting the mechanisms of calculating quantities for off-plan sales projects will contribute effectively to raising the level of transparency in licensed real estate projects and increasing their productivity by facilitating work procedures and developing them in line with each project and developments in the real estate market.

The real estate developer, in accordance with the new mechanism, prepares a table of quantities and a table of relative weights for the off-plan sales projects, in addition to approving the engineering consultant assigned to each project and submitting it to obtain approvals from “Wafi” and adopting it as a reference for disbursing the contractor’s dues from the escrow account and financing the project. For his part, the head of the off-plan sale or rent committee “Wafi” Eng. Abdulaziz Muhammad Al-Muhaimid stated that the real estate developer must, before starting the development of his real estate project, prepare a balanced schedule of quantities when contracting with the project contractor, so that it reflects all work according to the design plans in concluded contracts.

About the author

Leave a Reply

Your email address will not be published. Required fields are marked *