The Clap
Retal (4322) signed a sub-development agreement with the National Housing Company to develop 550 housing units in Riyadh’s “Dhahiyat Al-Fursan 2” area.
The Deets
Retal expects the estimated cost of the project to reach SAR 605 million.
The company added that it will start the project the day after receiving the land from the National Housing Company and will complete the project within 42 months from the effective date of the agreement.
Financing
The project will be financed mainly through the off-plan sales system and partly by self-financing.
Why this matters
The company expects the project to have a positive impact on its financial results after the issuance of the off-plan sales license.
Retal intends to disclose the details of the project’s financial impact and its developments during the coming period.
