Al Akaria inks SAR 323.7 mln residential land purchase contract with ROSHN

Logo of Saudi Real Estate Co.

Saudi Real Estate Co. (Al Akaria) signed, on Dec. 12, a land purchase agreement under a development obligation with ROSHN Real Estate Co. (ROSHN), at a total value of SAR 323.7 million, excluding the real estate transaction tax, the developer said in a statement to Tadawul.   

The contract is conditional on the purchaser developing 290 land plots, spanning 92,450 square meters, within packages C1, C2 and C3 in Phase 2A of Sedra masterplan community.  

The deal will be financed from the company’s internal resources and Off-Plan Sale or Rent Program (Wafi).    

Al Akaria entered into this agreement to benefit from the strategic location of Sedra masterplan and develop a wide range of different residential units with various sizes, which will be offered in the market through the Wafi Program after procuring the off-plan sale license.   

This agreement will boost Al Akaria’s revenue from development and sales in the medium term (from two to three years).   

The Public Investment Fund (PIF) is a related party, as ROSHN -a national firm specialized in delivering residential communities as per the highest industry standards, is affiliated to the fund.