Saudi-based Retal Urban Development Company has reached an agreement with the National Housing Company (NHC) to jointly develop more than 1,100 residential units in the prime cities of Riyadh and Jeddah at a total investment of SAR925 million ($246.4 million).

 

Under this deal, the duo will develop 366 residences in Zones 1 and 2 of Al Shafa Residential Land located in Riyadh at an estimated cost of SAR290 million, writes a TradeArabia staff reporter citing a Retal filing to Saudi bourse Tadawul.

 

The project, which will come up over a 133,934 sq m area in the Saudi capital, is likely to be completed in 2027. 

 

On the South Jeddah project, Retal said it will build 803 residential units in the Saudi port city at an estimated cost of SAR635 million.  

 

The Jeddah project, which will come up over a 209,483 sq m area, will also be completed in 2027.

 

Both the projects will be funded through self financing, off-plan sales and available facilities, said Retal in the bourse filing.

 

The projects are expected to have a positive impact on the company's results post the start of sale and the project execution, it added.-TradeArabia News Service