Retal buys Jeddah land plots for SAR 143.8 mln

Logo of Retal Urban Development Co.

Retal Urban Development Co. purchased, on Feb. 16, land plots in Al-Muhammadiyah district, Jeddah, at a value of SAR 143.8 million, excluding the real estate transaction tax, the company said in a statement to Tadawul.

The land plots cover an area of over 23,970 square meters.

Al-Nahla Trading and Contracting Co. was the seller of the land plots, the statement noted.

The company said the purchase will be financed through available credit facilities and internal resources. 

Retal aims to optimize the land plots’ specific location and features to develop residential villas. 

The deal was executed without any preferential conditions, the statement added. 

The transaction will reflect positively on the company’s financials from 2023-2025. 

There are no related parties to the land deal, the developer noted.