View signs SAR 15M land purchase deal in Riyadh for residential project

View United Real Estate Development Co. said it purchased on May 10 a residential and commercial land plot in Al-Quds district, east of Riyadh, from Al Shams Holding Co. for SAR 15 million, excluding real estate transaction tax.

According to a statement to Tadawul, the land spans 1,963 square meters and will be used for a real estate development project.

The transaction follows the company’s May 7 announcement that it signed a Shariah-compliant facility agreement with Bank Albilad to finance 80% of the land purchase cost. The remaining 20% will be self-financed.

The acquisition is part of View’s strategy to expand its real estate development portfolio. The project will involve the construction and development of residential units for sale.

The relevant financial impact will likely appear on revenue once sales begin, whether off-plan sales or direct, after securing the required approvals and licenses.

The deal included no related parties.