Riyadh – Retal Urban Development Company has signed a sub-development agreement with the National Housing Company (NHC) to develop 550 housing units in Al-Fursan district 2 in Riyadh at an estimated cost of SAR 605 million.

The project will be implemented on a total land area of 166,446 square meters and will be primarily financed from off-plan sales and partially from self-financing, according to a bourse disclosure on Tuesday.

Moreover, construction work is set to commence on the second day after receiving the land plot from NHC.

Furthermore, the project is expected to be executed within a period of 42 months and is forecast to reflect positively on Retal’s results.

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