Saudi Real Estate Co. Announces an update on The signing of a memorandum of understanding with Al-Tahaluf Real Estate Company to establish a Special Purpose Vehicle
| Element List | Explanation |
|---|---|
| Introduction | Reference to the company's latest announcement, dated 23/01/2023G, in connection with signing a Memorandum of Understanding with Al Tahaluf Real Estate Company to establish a Special Purpose Vehicle. In addition, to the announcement dated 20/02/2023G in respect to the following:
i)-Signing a development management and marketing agreement with Al Tahaluf Real Estate Company to procure a marketing license from Wafi platform to commence the marketing activities. ii)-Increase the project's number of units to 296 with an estimated total development cost of 464MN Saudi Riyals. Saudi Real Estate Company would like to inform its shareholders that it has entered into a Joint Venture Agreement with Al Tahaluf Real Estate Company to develop a residential villa scheme within Al-Akaria Park masterplan, which is owned by Saudi Real Estate Company. |
| Previous Announcement | The signing of a memorandum of understanding with Al-Tahaluf Real Estate Company to establish a Special Purpose Vehicle |
| Date of Previous Announcement on Tadawul's Website | 2023-02-20 Corresponding to 1444-07-29 |
| Percentage of fulfilled achievement | %100 |
| Event's Expected Completion Date | The event was completed on.
23/05/2023G |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | NA |
| Additional Information | Sales activities will start after procuring an off-plan sale permit for the project. The project is expected to positively impact the company’s results after the issuance of the off-plan sale permit and the start of the construction and sales activities. |
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