Saudi Arabia’s Retal Urban Development Company (Retal) has entered into a sale purchase agreement worth 339.49 million Saudi riyals ($91 million) with ROSHN, the national real estate developer owned by the Public Investment Fund (PIF), for 372 residential land plots within the SEDRA masterplan in Riyadh.

ROSHN is the master developer of SEDRA residential community, which will provide over 30,000 homes for Saudi nationals.

In a statement to the Saudi stock exchange, Retal said the acquisition forms part of a development partnership with ROSHN and would be financed through the company’s bank facilities and proceeds from off-plan sales.

Last week, Saudi Real Estate Co. (ALAKARIA) had concluded a similar agreement worth 141.98 million riyals ($38 million) with ROSHN for 155 residential plots within packages K1 and K2 of the SEDRA masterplan.

(Writing by Senthil Palanisamy; Editing by Anoop Menon)