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Retal to bring new homes to Al Khobar: Our friends at Retal Urban Development signed sub-development agreements valued at SAR 1.4 bn with the National Housing Company (NHC), it said in a disclosure to Tadawul.
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The details: The agreement extends for 42 months, and will see Retal build 995 residential units in Al Khobar’s Al Aziziya district.
IN CONTEXT- The government is rolling out incentives to support home buying — including buyer-friendly mortgages — as it looks to add some 1.2 mn housing units and achieve a 70% home ownership target by 2030, tasking the state-run NHC with providing affordable housing options. The NHC has some 200k homes in the pipeline, and is striving to add another 100k by the end of 2025, Knight Frank’s Chief Economist for MENA Christopher Payne estimated back in March.
ICYMI- The NHC signed an agreement with the US-based real estate developer K. Hovnanian Homes last week to develop residential and commercial projects in its urban areas. It also partnered with Dar Wa Emaar Real Estate Investment and Development earlier this month to develop a 616-unit residential project valued at SAR 750 mn over a 410k sqm plot.
IN OTHER REAL ESTATE NEWS-
Osus Development launched its flagship mixed-use project Osus Eye, it said in a post on LinkedIn. The development features upscale housing, hospitality services, offices, and retail space over a 180k sqm plot, valued at SAR 2 bn and located in north Riyadh, Asharq Business reported, citing a company statement.
The details: The project features 627 residential units — including apartments and townhouses — spread over 82k sqm, alongside some 47k sqm of office and retail spaces. It will also include a Hilton Garden Inn hotel, a Curio Collection by Hilton-branded residential tower, and international-grade office spaces.
REMEMBER- Osus and Hilton signed a partnership agreement in March to bring two hospitality projects to Osus Eye, including Hilton Garden Inn — featuring 250 rooms, meeting spaces, a gym, a pool, and dining options — and Curio Collection Residences — featuring 176 serviced apartments, with valet and concierge solutions, in addition to a gym, a pool, and a cinema.
