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 List | Explanation |
---|---|
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. |