Retal Urban Development Company announced that it signed, yesterday, Monday, a sub-development agreement with the National Housing Company to develop 759 housing units in the Al-Fursan District 1 scheme in Riyadh, with a total land area of 227,837 square meters.
Retal said in a statement to the Saudi market, Tadawul, today, Tuesday, that the estimated cost of the project is about 864 million riyals.
Retal indicated that the financing of the project will be mainly dependent on the off-plan sales system and partly on self-financing, explaining that the expected date of completion of the project is 42 months from the date of entry into force of the agreement.
As for the expected financial impact of the project on the company’s results, Retal said that the project is expected to have a positive impact on the results after the issuance of the off-plan sale license and the start of sales and implementation, explaining that details of the financial impact and project developments will be announced during the coming period.
The net profit of Retal declined by 33.9% at the end of the second quarter of this year to reach 30.03 million riyals, while the profits increased by the end of the first half of the year by 10.4% to reach 93.47 million riyals.
