Saudi Arabia’s Retal Urban Development Company (Retal) has awarded a $131mcontract to its subsidiary Building Construction Company. The contract covers the construction of 371 residential units and associated infrastructure works in Roshn’s Sedra housing community in Riyadh. The contract duration is 30 months. The agreement follows Retal's $100m contract to BCC in January for the construction of 285 residential units in the Murcia zone of the Khuzam suburb in Riyadh. The contract duration is 2.5 years from the start date of construction. The construction work is slated to start immediately and the project is expected to be completed in 2027. The agreement follows Retal's $64m contract award to BCC in April last year for the construction of eight residential buildings in Roshn’s Sedra housing community in Riyadh. In November 2023, Saudi Arabia’s Public Investment Fund (PIF)-backed gigaproject developer Roshn signed a $100m real estate development deal with Retal. The agreement covers the purchase of land and the development of 363 housing units in Sedra. In the same month, Retal and Saudi Arabia's National Housing Company signed a $246m deal to develop projects in Riyadh and Jeddah. Retal was established in 2012 by the local Al Fozan Holding Company to develop real estate projects in the kingdom. Created in 2018, Roshn aims to increase homeownership rates among Saudi citizens to 7%. The company plans to develop more than 395,000 residential units in cities within Riyadh, Mecca, Asir and the Eastern Region. Roshn is developing the Sedra community in northeast Riyadh. It is masterplanned to include 30,000 homes across eight phases. (ICE RIYADH)

Fonte notizia: Meed