Retal Urban Development Company announced the purchase of 372 residential plots within the master plan of Sidra residential district – Riyadh, with a value of about 339.5 million riyals, excluding real estate tax.
“Retal” said in a statement on “Saudi Tadawul”, today, Wednesday, that it had signed a conditional land purchase agreement with Roshen Real Estate Company to develop residential villas within the master plan of Sidra district.
She added that the terms of the deal are to develop the land within the Sidra neighborhood master plan in accordance with the provisions contained in the special statute for the Sidra neighborhood master plan.
She explained that part of the deal will be financed from the bank facilities available to the company and the other part will be from the proceeds of off-plan sales.
She pointed out that the agreement is a development partnership signed by “Roshen” with “Retal” because of its great experience and technical capabilities in developing off-plan sales projects and delivering housing units to owners on time and with the required quality.
She added that the partnership will contribute to expanding Retal’s business in Riyadh, increasing its market share in the region, continuing growth and maximizing revenues and profits.
She said that this agreement is expected to have a direct impact on the financial results for the years 2022, 2023 and 2024.