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Saudi-based Retal Urban Development Company has inked a conditional development contract with the state-owned National Housing Company (NHC) to develop residential villas in East Albuhirat master plan in Jeddah.
The development cost is 418.3 million Saudi riyals ($111.52 million), the company said in a statement to the Saudi stock exchange.
The project will cover an area of 98,098.55 square metres. Construction will commence the next day after NHC hands over the land and will be completed within 42 months.
The residential project will be financed using proceeds from off-plan sales and internal funds, the developer said, adding that sales will commence only after obtaining the off-plan sale permit.
(Writing by D Madhura; Editing by Anoop Menon)
