Retal signs $230mln sub-development contract for Riyadh housing project

Retal Urban Development Co. has signed a sub-development agreement with the state-owned National Housing Co. (NHC) to build 759 housing units in Al Fursan district 1, Riyadh, at an estimated cost of 864 million Saudi riyals ($229.75 million).

The project will cover a land area of 227,837 square metres, the developer said in a recent statement to the Saudi stock exchange Tadawul.

Work will commence the next day after receiving the land from NHC, with likely completion in 42 months.

The statement stated that the project would be funded through off-plan sales and internal resources.