Retal in deal with Roshn to build 644 residential units in Riyadh
RIYADH, 10 hours, 59 minutes ago
Retal Urban Development Company has reached an agreement with Roshn, a leading Saudi multi-asset class developer powered by PIF, for the development of 644 residential units within its Sedra neighborhood in Riyadh City at a total investment of SAR792 million ($211 million).
The company signed two agreements with Roshn in connection with the purchase and development of residential units along with the relevant infrastructure within Sedra, said Retal in its filing to Saudi bourse Tadawul.
The entire work will be completed within a three-year period.
On the financial impact, Retal said the project is expected to have a positive impact on the company's results during the project development works execution for 2025, 2026, and 2027.
In another development, Retal has signed a similar contract with its subsidiary Building Construction Company for the construction of 263 residential units in Riyadh at an investment of SAR142.39 million.
The entire work will be completed within 30 months from the effective date of the contract, it added.
-TradeArabia News Service
