ALAKARIA signs MoU with Al-Tahaluf Co. to develop residential villa scheme within Al-Akaria Park masterplan

Saudi Real Estate Co. announced signing of a memorandum of understanding with Al-Tahaluf Real Estate Company to residential villa scheme within Al-Akaria Park masterplan owned by ALAKARIA.

The company stated on Wednesday on Tadawul that the sales activities will start after procuring an off-plan sale permit for the project. The project is expected to positively impact the company’s results after the issuance of the off-plan sale permit and the start of the construction and sales activities.

With reference to the company’s latest announcement, dated 23.01.2023, in connection with signing a Memorandum of Understanding with Al Tahaluf Real Estate Company to establish a Special Purpose Vehicle. In addition, to the announcement dated 20.02.2023 which included:

i)-Signing a development management and marketing agreement with Al Tahaluf Real Estate Company to procure a marketing license from Wafi platform to commence the marketing activities.

ii)-Increase the project’s number of units to 296 residential villa scheme within Al-Akaria Park in Riyadh with an estimated total development cost of SAR 464 million.