View purchases SAR 27M land plot in Riyadh

Logo of View United Real Estate Development Co. 

View United Real Estate Development Co. purchased a plot land in the Al-Narjis district, north of Riyadh, for SAR 27 million, excluding real estate transaction tax (RETT), from Ahmed bin Othman, a statement to Tadawul said.

The deal aligns with the company’s strategic plan to expand its real estate development portfolio.

The land, zoned for both residential and commercial use, covers 2,700 square meters. View financed 66% of the purchase through a Shariah-compliant bank facility, while the remaining 34% was covered by the company’s internal resources, the statement added.

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The company plans to develop a residential real estate project on the land, which will impact the "properties under development" item during the development and execution phases.

The project is expected to positively impact revenue once sales begin, either through off-plan or direct sales, following the necessary approvals and permits.

There are no related parties to the deal, the company indicated.

According to data available with Argaam, View signed a Shariah-compliant credit facility agreement with Al Rajhi Bank at SAR 17.83 million, financing 66% of the cost of the land in Al-Narjis, Riyadh.