Dar Al Tamleek production will surpass the base business plan of 523 units for SAR 400 million by 21% and 25% respectively based on year end funding projections of 634 units for SAR 501 million.
Our new business channel initiatives, designed to add an additional 163 units and SAR 124 million in volume, did not come to fruition. However, our ability to boost our base plan in 2015 by increasing production organically closed the gap on our base+ plan of 686 units and SAR 524 million with final production off only 4.8% in projected units and 8.3% in projected volume by year end.
During 2015, the overall mortgage sector production has been negatively impacted since the implementation of new SAMA regulation limiting residential real estate financing to 70% of the property value (70% CTV). Mortgage activity was down 67% thru the first 9 months of 2015 with mortgage production of SAR 5.99 billion compared to SAR 18.11 for the same 9 month period in 2014.