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Saudi Real Estate Company (Al Akaria) has entered into a joint venture (JV) agreement with Al Tahaluf Real Estate Company to develop a residential villa project within Al-Akaria Park masterplan in Riyadh.
The number of villas has increased to 296, with the development cost at 464 million Saudi riyals ($123.72 million), Al Akaria said in a statement to the Saudi stock exchange.
In January, the developer had signed a memorandum of understanding with Al Tahaluf Real Estate for developing 250 residential villa units for SAR 377 million.
Al Akaria will commence off-plan sales following regulatory approvals.
(Writing by D Madhura; Editing by Anoop Menon)
