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Saudi Real Estate Company (Al Akaria) has purchased land under a development obligation with Public Investment Fund-backed ROSHN for 323.7 million Saudi riyals ($86.09 million).
The 92,450 square metre land, comprising 290 plots, falls within the packages C1, C2 and C3 in Phase 2A of Sedra masterplan development in Riyadh, Al Akaria said in a statement to the Saudi stock exchange.
The developer will build a wide range of residential units, which will be offered in the market through Wafi Programme after procuring the off-plan sale license.
The agreement will result in an increase in revenue in the next two to three years, the developer said.
Last month, ROSHN, the national real estate developer, started the handover process at Phase 1 of the Sedra development in Riyadh ahead of the scheduled time.
The Sedra mega project is ROSHN’s first project in the Kingdom and is being developed over eight phases.
(Writing by D Madhura; Editing by Anoop Menon)
