Saudi Real Estate Company (Al Akaria) signed a five-year agreement with the Royal Commission for AlUla and AlUla Development Company for the development of Sidrat AlUla project land.

Under the terms of the agreement, Al Akaria will oversee and manage all aspects of development, sales, and marketing activities for the Sidrat Alula master plan, according to a bourse filing.

The development cost of the project is set to be determined by Al Akaria within 120 days starting from the execution date of the agreement, which is 25 February.

Al Akaria will receive a development management fee equal to 10% of all project-related expenses for the Sidrat Alula Masterplan, in addition to a sales commission of 2.5% of total sales proceeds.

Furthermore, the company will also obtain 10% of the total rental revenue generated from residential and commercial spaces.

Situated on 260.233 square meters, the Sidrat Alula project will feature a total of 810 units residential units, including 570 apartment units and 240 villas and townhouses.

The project includes commercial and retail spaces of approximately 36,760 sqm of gross floor area (GFA), in addition to green parks and other supporting facilities.

Al Akaria renewed a SAR 200 million Sharia-compliant banking facilities agreement with Saudi Awwal Bank (SAB) in Januay.

In the first nine months (9M) of 2023, the Tadawul-listed company switched to losses, recording a net loss after Zakat and tax of SAR 89.30 million.

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