Al Akaria inks SAR 323.7 mln land purchase contract with ROSHN
- Date: 13-Dec-2022
- Source: Argaam
- Sector:Real Estate
- Country:Saudi Arabia
Al Akaria inks SAR 323.7 mln land purchase contract with ROSHN
Saudi Real Estate Co. (Al Akaria) signed on Dec. 12, 2022, a land purchase agreement under conditional contract with ROSHN Real Estate Co. (ROSHN), at a total value of SAR 323.7 million, excluding the real estate transaction tax (RETT), according to a statement to Tadawul.
The contract is conditional on the purchaser developing 290 land plots, spanning 92,450 square meters, within Package C1 & C2 & C3 in Phase 2A of Sedra Masterplan Community.
The deal will be financed from the company’s internal resources and Wafi Off-Plan Sale Program.
Al Akaria entered into this agreement to benefit from the strategic location of Sedra Masterplan and develop a wide range of different residential units with various sizes which will be offered in the market through Wafi Program after procuring the Off-Plan Sale License.
This agreement will boost Al Akaria’s revenue from development and sales in the short term (from two to three years).
The Public Investment Fund (PIF) is a related party, as ROSHN – a national firm specialized in delivering residential communities as per the highest standards of industry, is affiliated to PIF.