Saudi Real Estate Co. Announces Purchase Residential lands with a development obligation in the value of 141,977,600 Saudi Riyals exclusive of the Real Estate Transaction Tax (RETT).

2022-06-23 16:00:45

Element ListExplanation
Transaction Details Signing a Conditional Sale Purchase Agreement with a development obligation for land parcels situated within Package K1 & K2 of Sedra Masterplan Community, with a transaction value of 141,977,600 Saudi Riyals.
Transaction Value 141,977,600 Saudi Riyals exclusive of the Real Estate Transaction Tax (RETT).
Transaction Terms Developing the lands within Sedra Masterplan according to the key principles of Sidra Masterplan Community Declaration.
Parties of the Transaction Saudi Real Estate Company (Al Akaria) Roshn Real Estate Company (Roshn)
Transaction Funding Method Combination of the Company’s financial resources and through Wafi Off-Plan Sale Program
Transaction Execution Date 2022-06-23 Corresponding to 1443-11-24
Description of the Business of the Asset forming the Subject Matter of the Transaction Residential lands (155 plots) with total land area of 44,368 sqm within Package K1, 2 of Sedra Masterplan Community.
Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction NA
Transaction reasons Al Akaria entered into this Sale Purchase Agreement to benefit from the strategic location of Sedra Masterplan including the key features of the Masterplan Community by developing a wide range of residential units with diversified sizes which will be offered in the market.
Expected Impact of the Transaction on the Company and Its Operations This transaction will contribute to the overall sales revenues of Al Akaria on the Short Term (2 to 3 years).
Related Parties Public Investment Fund
Additional Information ROSHN is a national community developer, powered by the Public Investment Fund, focusing on delivering unique residential communities according to the highest standards of the Residential Sector.