Saudi-based Retal Urban Development Company has signed sub-development agreement with the National Housing Company (NHC) to develop 295 residential units in the suburbs of capital Riyadh at a total investment of SAR660 million ($176 million).
These homes will come up over a total area of 93,482.76 sq m in Murcia zone of Khozam suburb, said Retal in its filing to Saudi bourse Tadawul.
On the financial impact, Retal said this agreement will have a positive impact on the financial results from 2024 through to 2027.
This deal comes close on the heels of a SAR240 million ($64 million) contract awarded last month to Retal's key subsidiary Building Construction Company (BCC) for the construction of eight residential buildings in Sedra district in Riyadh City.
As per the deal, the BCC will complete the entire construction work within 26 months from the effective date of the contract, it added.