Alramz purchases land plots in Riyadh for SAR 94.6M

Alramz Real Estate Co. purchased commercial/residential land plots in Al Malqa District, Riyadh, from Mohammed Abdulaziz Al-Majed and Mohammed Ibrahim Al-Khalifa, for SAR 94.60 million.

In a Tadawul statement, the company said the land plots span 8,600 square meters, and will be used for the development of a residential project consisting of approximately 135 apartments, in accordance with the highest quality standards.

The transaction, to be financed from the company's cash resources, is expected to contribute to enhancing the company’s financial performance in 2026, 2027, and 2028.

The deal comes as part of the company’s strategy to expand in prime locations, as the project is situated in an area characterized by high demand and limited supply, which enhances the prospects of the project’s success and the achievement of the targeted returns.