View Real Estate Development acquires land in Riyadh for SAR 40.37 million

View United Real Estate Development Company announced its acquisition of land situated in the Al-Nargis neighbourhood, positioned to the north of Riyadh City. The parcel spans an area of 8,971.54 square meters and was procured from Al Ajial Holding Company for SAR 40.37 million, excluding real estate transaction tax. The primary objective behind this acquisition is to embark on building and developing residential units for subsequent sale.

On a statement published on Wednesday on Tadawul, the company stated that the transaction was funded through a Sharia-compliant bank loan agreement announced on February 13, 2024, and the company’s own financing sources.

The company declared that the acquisition of land for the purpose of constructing a residential real estate project represents an investment decision with a significant financial impact on the development properties item during the development and implementation period. However, it anticipates a positive impact on revenues to commence immediately upon the initiation of sales operations, either through off-plan sales or direct sales subsequent to obtaining the requisite approvals and licences.