Retal signs SAR 418.3 mln contract with NHC to develop villas in Jeddah

Logo of Retal Urban Development Co.

Retal Urban Development Co. signed a conditional development agreement worth SAR 418.31 million, inclusive of the land value, with National Housing Co. (NHC) to develop residential villas within the masterplan of the East Albuhirat project, Jeddah.  

In a Tadawul statement, the company stated that the contract is effective 42 months from the signing date, noting that the project spans 98,098 square meters.  

The project will be mainly financed by off-plan sales and partially from self-resources.  

Construction will start the next day of land handover from NHC, and sales will start after obtaining the off-plan license.  

The agreement aims to benefit from the strategic location of East Albuhirat masterplan, as Retal aims to fully develop the land to provide residential villas of various sizes to meet customer needs.  

The project is expected to have a positive impact on the company's results after the issuance of the off-plan sale permit and start of sales and construction.