Prime Highlights
- Al Ramz acquires prime land in Riyadh for new housing project.
- Development to include 135 apartments with modern amenities.
Key Facts
- Land deal valued at SAR94.6 million.
- Project located in high-demand Al Malqa district.
Background
The Al Ramz Real Estate Company has announced its land purchase as part of its expansion at Riyadh in April. The company buys an 8,600 square metre plot in Al Malqa to develop a new housing project.
The project includes 135 apartments with modern facilities. The company plans to build the project with good quality standards and create a complete residential space for people. It intends to respond to the rising demand for housing in the city.
The agreement between the two parties includes a total value of SAR 94.6 million, while the deal will be executed through private sellers. The company uses its own funds for the acquisition, reflecting its strong financial position and confidence in the project’s success.
Al Ramz picks Al Malqa as its target location because the area sees high demand for housing while supply remains limited. This gap creates a strong investment opportunity and gives the company room to grow its business. The project targets people looking for quality homes in a well-connected area.
The company expects its business performance to gain support from the project throughout the upcoming years. The strong demand for housing in prime locations will increase returns for investors.
The company’s key development areas, which it aims to develop through this initiative, demonstrate its strategic business focus. Developers in Riyadh’s real estate sector work on constructing new homes that will satisfy ongoing market demand.
