NHC has flagged off the construction of numerous housing units in Riyadh.
Retal, Sumou sign up to develop Riyadh homes
01 October 2022
National Housing Company (NHC) has signed deals with two Saudi real estate companies for the development of residential units in Riyadh.
Under the first deal, Retal Urban Development Company will develop 759 residential units in the Al Fursan District I in Riyadh at a total investment of SR864 million ($230 million). The Saudi developer has already inked a sub-development agreement with the NHC for a 227,837 sq m land allocation.
The project will be financed based on self-financing and off-plan sales, said Retal Urban Development Company in its filing to Saudi bourse Tadawul.
The Saudi developer said the project is due to be completed in early 2026.
Under the second agreement, Sumou Real Estate Company has been appointed to develop a key plot area of 82,482.66 sq m within Dahiyat Al Fursan 1 and 2 in Riyadh for the construction of various housing units. The key residential project, which is being developed at an investment of SR403 million, is targeted to be completed within 42 months, said Sumou in its filing to the Saudi bourse.
The project will be financed based on off-plan sales and partially on equity, it stated.
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