Saudi Real Estate Co. (Al Akaria) signed on Wednesday a construction contract with its 60 percent-owned subsidiary Saudi Real Estate Construction Co. to build 511 residential units at a total cost of SAR 538.2 million in Al-Rimal district.

 

The construction process would take 30 months, starting from the date of worksite delivery, Al Akaria said in a bourse statement on Thursday.

 

The project, in which no other parties are involved, will be financed through off-plan unit sales.

 

Financial impact will show on Q4 2017 results, the developer added.

 

Saudi Real Estate Construction Co. is Al Akaria’s majority-owned joint venture with Turkey's Kaya Homes.

 

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