Retal inks SAR 605 mln agreement with NHC to develop 550 residential units

Logo of Logo of Retal Urban Development Co.

Retal Urban Development Co. signed on Oct. 10 a sub-development agreement with National Housing Co. (NHC) for 550 residential units in Al-Fursan District 2 in Riyadh, according to a bourse filing.

 

These units, with a land area of 166,446 square meters, are estimated to cost SAR 605 million, the statement added.

 

The construction work is set to begin on the second day after receiving the land plot from NHC, and the project is expected to take 42 months.

 

The project will primarily be financed from off-plan sales and partially from internal sources.

 

The deal included no related parties, the statement said, adding that the relevant financial impact as well as the project developments will be disclosed over the coming period.

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