Retal buys 372 residential land plots in Riyadh for SAR 339.5 mln

Logo of Retal Urban Development Co.

Retal Urban Development Co. purchased 372 residential land plots within Sedra Masterplan Community, at a total value of SAR 339.5 million, exclusive of real estate transaction tax.

Retal signed on June 28 a conditional purchase agreement with ROSHN Real Estate Co. to develop villas within Sedra Masterplan, Retal said in a bourse filing.

The deal will be financed by the company's bank facilities and off-plan sales proceeds.

A development partnership was signed by ROSHN with Retal, thanks to the latter’s great experience and capabilities in developing off-plan sales projects and delivering housing units of exceptional quality on time. The partnership will contribute to the expansion of Retal's business in Riyadh, and increasing its market share in the region. It will also help Retal maintain growth and maximize revenue and profit.

The purchase agreement is expected to have a direct impact on Retal’s financial results for 2022, 2023 and 2024, the company concluded.

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