Arabian Centres, National Housing sign deal to develop SAR 600 mln mall

Signing ceremony 

Arabian Centres Co. (ACC) signed on June 18 an agreement with National Housing Co. (NHC) to establish a company for the purpose of developing and operating a full-service mall over nearly 180,000 square meters (sqm), ACC said in a bourse filling.

This is part of Murcia residential project in northern Riyadh, according to a bourse statement.

The project cost is SAR 600 million for the land and the building, including SAR 260 million for building development.

The two parties agreed to establish the project company, with capital of SAR 130 million, to be paid up equally by both parties, for a term of 28 years starting from the agreement date.

ACC, as the developing partner, plans to start the development works during the second half of 2022 after approving the relevant designs. The mall is designed to include both closed and open areas with greenery and water features.

The mall’s gross leasable area (GLA) will be 45,000 sqm, to be distributed innovatively to provide a comprehensive and distinctive experience for its visitors. It will include 150 shops that will host a range of international and local brands across fashion, casual dining, cinema and entertainment, as well as a hypermarket and various other services. It is expected to open during the first half of 2025.

The relevant impact is expected to appear on ACC’s financial statements starting from the second quarter ending on Sept. 30, 2022.

The deal does not have any related parties, the statement added.

Murcia, located north of Riyadh, is one of NHC’s quality residential projects. It spans over 2.7 million sqm and brings together more than 5,000 homes and 570 apartments, developed in a modern style to provide an integrated environment that ensures all the necessary requirements of high quality of life to the residents.