Saudi Real Estate Co. (Al Akaria) said the residential villas at Al Remal District are 85.3% complete.
The project is expected to be finalized by Oct. 31, 2020, the company said in a bourse statement, adding that the project delay led to a cost change.
The Saudi real estate developer said it has recently obtained an off-plan marketing license, and is set to obtain an off-plan sale permit.
The contract has no material impact on its financial results, the statement added.
In June 2017, Al Akaria signed a construction contract with its 60 percent-owned subsidiary Saudi Real Estate Construction Co. to build 511 residential units at a total cost of SAR 538.2 million in Al-Remal District.
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