AlNaqool sells 80% of Deer Villa project

Logo of Mohammed Hassan AlNaqool Sons Co.

Mohammed Hassan AlNaqool Sons Co. completed the sale of approximately 80% of the Deer Villa project to its subsidiary, Deer Real Estate Co., the company said in a Tadawul statement today, July 24.

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The project is 100% completed, the company said, adding that there will be no increase in the project cost.

The relevant financial impact is expected to reflect positively on 2025 results.

In July 2021, AlNaqool purchased a land plot in Riyadh for SAR 15.9 million, according to data available with Argaam.

The 3,990-square meter land plot will be used for a residential project in Al Malqa district, north of Riyadh, which will be developed by AlNaqool’s subsidiary, Deer Real Estate.

In September 2022, the subsidiary obtained an off-plan sales license for the Deer Villa project, which included the decision of the Off-plan Sale or Rent Committee (WAFI) for 10 units.

In October 2022, the subsidiary started marketing the project that was expected to be sold in phases during Q4 2022 and Q1 2023. The project was scheduled to be completed in Q2 2023.