Al Naqool sells 60% of Deer Villa project

Logo of Mohammed Hasan Al Naqool Sons Co.

Mohammed Hasan Al Naqool Sons Co. has sold about 60% of the Deer Villa project to its subsidiary, Deer Real Estate Co.

In a Tadawul statement today, Dec. 23, the company revealed that 95% of the project is complete, with around 60% of units sold. It also confirmed no increases in project costs.

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The company expected the related financial impact to positively reflect in its 2024 annual and 2025 semi-annual financial statements.

Al Naqool acquired a 3,990-square-meter plot in Riyadh's Al-Malqa district in July 2021 for SAR 15.9 million to develop the Deer Villa project through its subsidary Deer Real Estate.

In October 2022, the company began the marketing and off-plan sales of the Deer Villa project, targeting phased sales in Q4 2022 and Q1 2023, with project completion planned for Q2 2023.

In September 2023, the company reported selling nearly 50% of the Deer Villa project through Deer Real Estate.