Logo of Mohammed Hasan AlNaqool Sons Co.
Mohammed Hasan AlNaqool Sons Co. sold approximately 50% of the Deer Villa project to its subsidiary, Deer Real Estate Co., according to a Tadawul statement.
The project is 90% completed and there is no increase in project cost.
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The company expects a positive impact on its annual financial statements for 2024.
In July 2021, Al Naqool purchased a land plot spanning 3,990 square meters in Al-Malqa district, Riyadh, for SAR 15.9 million, to be developed by Deer Real Estate, according to data available with Argaam.
In September 2022, Deer Real Estate obtained an off-plan sales license for the Deer Villa project. The license was based on a decision of the Off-plan Sale or Rent Committee (WAFI), with a total number of 10 units.
In October 2022, Deer Real Estate started to market the project, expecting to sell it in phases during Q4 2022 and Q1 2023. In addition, the project was predicted to be completed during the second quarter of 2023.
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