Dur Signs SR82.5 mln Construction Contract of Luxury Residential Compound in Riyadh

Dur Hospitality Company announced on Wednesday awarding and signing contract of the project construction of luxury residential compound on the land owned by the company on King Khalid road in Riyadh city with Al Murshid Contracting Group Co., for implementing construction works, finishing and electromechanical works of the project .

Additionally, the total area of the land is about 30 thousand square meters. The contract value is SR82.5 Million.  The contract duration is 18 months.

The company added on (Tadawul) that the contract approves on the construction of 75 luxurious and distinguished residential villas with different areas, in addition to the landscape works.

 The project will be established according to the latest state-of-the-art specifications and smart villas. The project is characterized by its close location to the northern gate of the diplomatic quarter in Riyadh, and to premises of some of the major government authorities and departments.

The company stated that the expected positive financial results of the project will start from the third quarter of the year 2023. As well as, the project will be financed through obtaining credit facilities (Islamic Tawaruq).

This step comes in accordance with Dur expansion strategy in the development of quality residential and hotel projects, due to rise of demand for luxurious residential compounds in Riyadh city, and in line with the efforts aiming at upgrading quality of life in the kingdom as one of the targets of Kingdom 2030 vision, the company concluded.