Al Akaria inks SAR 142 mln conditional land purchase agreement with ROSHN

Logo of Saudi Real Estate Co. (Al Akaria)

Saudi Real Estate Co. (Al Akaria) signed a conditional purchase agreement with a development obligation with ROSHN Real Estate Co., Al Akaria announced in a bourse filling.

The agreement has a total value of SAR 141.98 million exclusive of the Real Estate Transaction Tax (RETT). It involves 155 residential plots with a total area of 44,368 sqm within package K1 and K2 of SEDRA Community Masterplan, the company added, noting that the land will be developed within the Masterplan as per the provisions stipulated in the articles of association thereof.

The deal will be funded through the company’s internal financial resources and Wafi Program for off-plan sales, the statement added.

The Public Investment Fund (PIF) is a related party to the agreement, Al Akaria noted.

Al Akaria entered into this agreement to benefit from the location and characteristics of SEDRA Masterplan, as it eyes to fully develop the residential plots to provide residential villas with different sizes.

This deal will increase the overall profits resulting from development and sales in the medium-term (from two-three years), Al Akaria added.