The Saudi Real Estate Company announced the purchase of residential lands conditional on development, with a value of about 141.98 million riyals, excluding the value of real estate transactions tax.
“Al Akaria” said in a statement on “Tadawul Saudi”, today, Thursday, that it had signed a conditional land purchase agreement for the purpose of development with Roshen Real Estate Company within packages 1 and 2 of the Sidra neighborhood master plan, in accordance with the provisions contained in the special statute for the Sidra neighborhood master plan.
It added that it will finance the deal through the company’s financial resources and through the Wafi off-plan sale program.
She explained that the residential lands number 155 plots, with a total area of 44,368 square meters, within the package sufficient 1,2 of the master plan of Sidra district.
It indicated that it will enter into this deal to take advantage of the location and characteristics of the master plan for Sidra district in Riyadh, where “Al Akaria” aims to fully develop residential plots to provide residential villas of various sizes.
The Saudi Real Estate Company stated that this deal will contribute to increasing the company’s profits resulting from development and sale operations in the medium term from 2 to 3 years.
She pointed out that there is a related party, the Public Investment Fund, and Roshen Company is one of the companies of the Public Investment Fund, and it is a national company specialized in developing modern residential communities with the best standards applied in the housing sector.
