Al Akaria signs deal with Al Tahaluf Real Estate to raise housing units in Riyadh project to 296

Logo of Saudi Real Estate Co. (Al Akaria)

Saudi Real Estate Co. (Al Akaria) signed today, Feb. 20, a development and marketing agreement with Al Tahaluf Real Estate Co., according to a statement to Tadawul.

Under the deal, Al Akaria will secure a marketing license from Wafi platform for its Riyadh real estate project, Al Akaria Park. Besides, it will raise the number of on-site housing units from 250 to 296, at an estimated total development cost of SAR 464 million.

The agreement will likely be implemented within three years, the developer added, citing a change in cost due to the planned unit increase.

Al Akaria signed, on Jan. 23, a memorandum of understanding (MoU) with Al Tahaluf Real Estate to establish a special purpose vehicle (SPV) to develop 250 residential villas within Al Akaria Park masterplan in Riyadh at an estimated development cost of SAR 377 million, according to Argaam.

Al Tahaluf Real Estate, owned by Hamad Bin Saedan Company and K. Hovnanian Homes (USA, specializes in the construction of all types of residential buildings.