Saudi-based Al Ramz Real Estate Company has announced that it has acquired a prime 8,600 sq m plot of land in Al Malqa district of capital Riyadh for the development of a residential project comprising 135 apartments along with premium amenities. 

The new residential project is being built in accordance with the highest quality standards, and in alignment with the company’s strategy to develop integrated residential projects, said Alramz Real Estate in its filing to Saudi bourse Tadawul.

The SAR94.6 million ($25.1 million) deal was inked with Mohammed Abdulaziz Mohammed Al Majed and Mohammed Ibrahim Saeed Al Khalifa, it stated.

This transaction comes as part of the company’s strategy to expand in prime locations, as the project is situated in an area characterised by high demand and limited supply, which enhances the prospects of the project’s success and the achievement of the targeted returns.

Al Ramz Real Estate said this transaction will be financed through the company’s internal resources.

On the expected financial impact, the Saudi company said it is expected to contribute to enhancing the company’s financial performance during the years 2026 to 2028.-TradeArabia News Service