Al Akaria to Purchase $37.86mln Residential Lands

Located in Package K1 and K2 of Sedra Masterplan Community, the lands will be developed by Al Akaria according to the key principles of Sidra Masterplan Community Declaration

Saudi Real Estate Company (Al Akaria) has signed a SAR 141.97 million agreement with Roshn Real Estate Company to purchase residential lands with a development obligation.

Located in Package K1 and K2 of Sedra Masterplan Community, the lands will be developed by Al Akaria according to the key principles of Sidra Masterplan Community Declaration, according to a bourse filing on Thursday.

The company seeks to benefit from the strategic location of Sedra Masterplan to establish a wide range of residential units with diversified sizes to be offered in the market.

To contribute to the company's overall sales revenues in the short term, the transaction will be financed from Al Akaria’s financial resources and through Wafi off-plan sale programme.

It is noteworthy to mention that in the first quarter (Q1) of 2022, the company incurred net losses after Zakat and tax of SAR 29.40 million, an annual hike of 539.13% from SAR 4.60 million.