Saudi-based Al Ramz Real Estate Company made an announcement regarding the acquisition of a prime 8,600sqm plot of land in the Al Malqa district of the capital city, Riyadh. This land will be used to develop a residential project that includes 135-apartments, along with premium amenities.
Al Ramz Real Estate stated in its filing to the Saudi bourse Tadawul that the new residential project will be constructed to the highest quality standards and will align with the company’s strategy to develop integrated residential projects.
The US $25.1mn deal was finalised with Mohammed Abdulaziz Mohammed Al Majed and Mohammed Ibrahim Saeed Al Khalifa, as per the statement.
This transaction aligns with the company’s strategy to expand its presence in prime locations. The project is situated in an area with high demand and limited supply, which significantly boosts the project’s chances of success and the achievement of its targeted returns.
Al Ramz Real Estate said that this transaction will be financed using the company’s internal resources. The Saudi company anticipates that this deal will contribute to enhancing the company’s financial performance during the years 2026 to 2028.
Alramz secures prime Riyadh land for 135-unit residential development Middle East Construction News.
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