Saudi Real Estate Company (Al Akaria) has announced that it has reached an agreement with Roshn, a national community developer and a fully owned company by Saudi Public Investment Fund (PIF), to purchase a prime residential plot within its Sedra masterplan community for future development.

The land, which was bought by Al Akaria for SR142 million ($38 million) - exclusive of the real estate transaction tax (RETT) - is located in Package K1 and K2 of Sedra masterplan community.

The key plot will be developed as per the key principles of Sidra Masterplan Community Declaration, stated Al Akaria in its filing to Saudi bourse Tadawul.

The Saudi developer said the transaction is being completed with a combination of Al Akaria’s financial resources and through Wafi Off-Plan Sale Program.

The deal will contribute to its overall sales revenues on the short term (2 to 3 years). 

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