Retal Urban Development Company has signed a conditional development agreement with the Kingdom’s National Housing Company (NHC) to create residential villas as part of the concept for the East Albuhirat project in Jeddah.
The East Albuhirat project will consist of 327 residential units spread across a total area of 98,098m2, according to Retal’s application to the Saudi exchange Tadawul.
The total project value is projected at SR418.3 million, including the value of the land, and will be financed primarily through off-plan sales and partially through self-financing.
The East Albuhirat project will consist of 327 residential units
According to Retal, construction operations will begin the day after NHC hands over the site and will be completed in three and a half years. The project is likely to have a favorable influence on the company’s profits after the off-plan sale permit is issued and sales and implementation begin.
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