Logo of Retal Urban Development Co.

Retal Urban Development Co. signed on Sept. 19 a sub-development agreement with National Housing Co. (NHC) to develop 759 housing units in Al Fursan district 1, Riyadh, over a total land area of 227,837 square meters (sqm), according to a bourse filing.

 

The company added that the estimated cost of the project is nearly SAR 864 million.

 

Agreement Details

Subject

Sub-development of 759 housing units in Al Fursan district 1, Riyadh

Parties

Retal and NHC

Project Area

227,840  sqm

Cost

SAR 864 mln

Financing

Self-financing and off-plan sales

Expected Completion Date

42 months from the effective date of the agreement

Start Date

The next day after receiving the land from NHC
 
Retal indicated that the project will mainly be financed from off-plan sales and partially from its own resources.
 

The project is expected to have a positive impact on the company's results post the start of sale and project execution, the company noted, adding that details of the financial impact and project developments will be announced over the next period. 

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