Riyadh – Mubasher: Retal Urban Development Company and Roshn Real Estate Company penned two residential land purchase and development agreements worth SAR 356.89 million on 14 December 2022.

Under the deals, the two firms will team up to establish approximately 554 residential villas and apartment units within the Sedra compound in Riyadh, according to a bourse discourse.

Meanwhile, the scheme will be developed on a total land area of 96,913 square metres.

The first and second contracts hold a duration period of 24 months and 36 months, respectively.

Retal pointed out that the project is forecast to reflect positively on its income statements during the period between 2023 and 2025.

It is noteworthy to mention that Roshn is owned by the Saudi Public Investment Fund (PIF).

Last October, Retal and the National Housing Company (NHC) inked a sub-development agreement worth nearly SAR 605 million to build 550 housing units in Al Fursan district 2 in Riyadh.