Retal Urban Development Company announced that it had signed, on Monday, a sub-development agreement with the National Housing Company to develop 550 housing units in the Al-Fursan District 2 scheme in Riyadh, with a total land area of about 166.5 thousand square meters.
Retal said in a statement to the Saudi market (Tadawul), today, Tuesday, that the estimated cost of the project is 605 million riyals, indicating that the expected date of completion of the project is 42 months from the date of entry into force of the agreement.
Retal clarified in the statement that the start date for the construction of the project will take place from the day following the receipt of the land from the National Housing Company, indicating that the financing of the project will be mainly based on the off-plan sales system and partly on self-financing.
Retal indicated that the project is expected to have a positive impact on the company's results after the issuance of the off-plan sale license and the start of sale and implementation, stressing that details of the financial impact and project developments will be announced during the coming period.
Retal's profits rose by 10.4% in the first half of this year, to reach 94.47 million riyals, compared to 84.69 million riyals, profits for the same period last year, while the company's profits fell at the quarterly level by 33.9% to 30.03 million riyals compared to the profits of the second quarter. from the previous year amounting to 45.43 million riyals.
