Red Sea Housing to return unused land to Emaar EC

04/09/2016 Argaam

Red Sea Housing Services Co. said it received the final agreement on returning a land plot in King Abdullah Economic City (KAEC) to Emaar EC.

 

The agreement is still pending Emaar EC’s signature, the company said in a statement to Tadawul.

 

Red Sea added that there will be no additional financial liabilities after returning the land, on which it intended to build a housing project in KAEC.

 

In 2013, the Saudi-listed real estate developer announced its plans to build a SAR 50 million housing complex, with a capacity of 5,000 tenants in the economic zone. The company cancelled the project last June due to economic conditions, and agreed with KAEC to handover the land.

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