Al Akaria inks JV deal to develop residential villas in Al Akaria Park

24/05/2023 Argaam
Logo ofSaudi Real Estate Co. (Al Akaria)

Logo of Saudi Real Estate Co. (Al Akaria)

Saudi Real Estate Co. (Al Akaria) entered into a joint venture agreement with Al Tahaluf Real Estate Co. to develop a residential villa scheme within Al Akaria Park, owned by Al Akaria, according to a statement to Tadawul.

 

Unit sales will start after obtaining an off-plan sales license and the project will likely have a positive impact on the company’s results, after the start of sale.

 

Al Akaria signed on Feb. 20 a development and marketing agreement with Al Tahaluf Real Estate, under which 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, Argaam reported.

 

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.

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