Alramz Real Estate has announced that it has signed a SAR91 million ($24.7 million) agreement with Roshn, a leading Saudi developer powered by the kingdom's sovereign wealth fund PIF, for the purchase and development of two residential plots in Riyadh.
As per the deal, a total of 240 residential units will come up on these plots spanning over a total area of 14,128 sq m, said the company in its filing to Saudi bourse Tadawul.
The project scope includes design and construction works in accordance of the approved plans and specifications of Sedra community’s rules, affiliated to Roshn Group.
A vibrant community in Riyadh spanning over more than 20 million sq m, Sedra offers a range of villas and duplexes along with premium amenities.
As per the deal, the entire work will be completed within a three-year period commencing from the date of land handover.
On the financial impact, Al Ramz said this transaction is expected to contribute positively to the company’s financial performance during the years 2026 to 2028.-TradeArabia News Service
