Ladun Investment acquires 501,900 sqm undeveloped land in Riyadh

29/09/2022 Argaam

Logo of Ladun Investment Co.

Ladun Investment Co. completed on Sept. 28 the acquisition of undeveloped land plots spanning 501,900 square meters in Al Remal district, Riyadh, according to a bourse filing.

 

The title deeds were transferred to the company, based on an agreement to develop infrastructure, promote developed land plots, and build real estate units through the off-plan sales plan.

 

Ladun Investment expects to generate robust earnings from developing, promoting and selling the land plots, the statement noted, adding that the deal included no related parties.

 

The company said in a separate bourse filing that the agreement was concluded with the land owners on July 19, 2021, and that the company did not pay in cash for the titles’ transfer, but the land sale consideration will be settled in a phased payment. 

 

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