Saudi-based Retal Urban Development Company has signed a conditional development agreement with the kingdom’s National Housing Company (NHC) to develop residential villas within the masterplan of the East Albuhirat project in the port city of Jeddah.
Spread over a total area of 98,098.55 sq m, the East Albuhirat project will boast a total of 327 residential units, said Retal in its filing to Saudi bourse Tadawul.
The total value of the project is estimated at SR418.3 million ($111.5 million) including the value of the land and will be financed mainly based on the off-plan sales and partially on self-financing, it stated.
According to Retal, construction activities will start the next day of land handover by NHC and will be completed within three and a half years.
