RIYADH: Saudi Arabia’s national real estate developer ROSHN’s residential portfolio will be bolstered following an SR374.76 million ($99.92 million) deal with Retal Urban Development Co.
The agreement has a term of 36 months and entails the purchase and development of land for 363 housing units in ROSHN’s SEDRA residential neighborhood in Riyadh, Retal said in a statement to Tadawul.
The firm added that the deal’s financial impact is expected to appear in the company’s financials from 2024 to 2026.
Retal added that there are no related parties included in the exchange.
SEDRA is the first ROSHN project in Saudi Arabia and is being developed over eight phases in Riyadh’s northern sector.
In November 2022, ROSHN successfully started the key handover for the initial phase of the SEDRA expansion, ahead of the scheduled timeline.
In October 2023, ROSHN launched the sales for the third phase of SEDRA residential projects. The project, which spans across an area of 20 million sq. meters, offers 3,438 new residences.
Aligned with ROSHN’s commitment toward sustainability, the third phase of SEDRA is equipped with advanced insulation, solar-powered water heaters, and energy-efficient air conditioning systems.
The deal comes in the wake of Retal finalizing an agreement valued at SR1.2 billion with Jubail and Yanbu Industrial Cities Services Co. This deal will see the development of 897 residential units in Jubail Industrial City.
On Nov. 21, Retal signed two development agreements with National Housing Co. to build residential units in Riyadh and Jeddah at SR925 million.
Under the pact with NHC, Retal will develop 366 residential units in Zone 1 and 2 in Riyadh and 803 houses in Jeddah.
In the same month, Retal signed one more deal with NHC to produce 366 residential units in Zones 1 and 2 on Al Shafa Residential Land in Riyadh at an estimated value of SR290 million.