View United pens SAR 110M contract to develop, sell residential complex in Riyadh

Logo of View United Real Estate Development Co

View United Real Estate Development Co. signed a contract with Al-Shams Holding Co. to develop and sell a residential complex in Riyadh for SAR 110 million.

In a Tadawul statement, the Nomu-listed company said the contract’s term is 16 years from the date of starting the construction work.

The scope of work entails the comprehensive development of Al-Shams Holding’s project in Al-Quds neighborhood, Riyadh, covering a total area of 8,268 square meters (sqm). The project will include residential units consisting of villas, floors, and apartments, with a built-up area of 13,800 sqm. 

The project will have a financial impact on View United’s projects under implementation during the development, implementation and sale periods, the statement added, expecting a positive impact on revenues immediately after the start of implementation works after obtaining the necessary approvals and licenses.