View purchases SAR 21.1M land plot in Riyadh for residential project

Views plans to use the 1,920-sqm land for residential project

View United Real Estate Development Co. purchased a land plot in Al-Worood district, Riyadh, for SAR 21.1 million, excluding real estate transaction tax (RETT), according to a statement to Tadawul.

For more news and details on M&As

The plot spans 1,920 square meters and is designated for residential purpose to be developed during the company’s upcoming projects.

View pointed out that the transaction will be financed through facilities provided by Al Rajhi Bank, as previously disclosed on Aug. 18, in addition to the company’s internal resources.

The company plans to develop a residential real estate project on the land, which will impact the "properties under development" item during the development and execution phases.

The project is expected to positively affect revenue once sales begin, either through off-plan or direct sales, following the necessary approvals and permits.

There are no related parties to the deal, the statement added.