Barwa Real Estate has announced the purchase of a vacant land plot of 2,216,060 sqm in JANADRIYAH area in the city of Riyadh – Kingdom of Saudi Arabia for a total value of SAR 659,277,850.
This deal is aligned with Barwa’s 5-year plan, and lined with Barwa previous announcement for exploring the potential investment opportunities of real estate market at Kingdom of Saudi Arabia, that supports the Company’s land bank and increases the shareholders’ sustainable return.
The Master Plan shall include full residential and commercial district. Barwa aims to construct the infrastructure works of Project’s Master Plan within the fourth quarter of 2018.
It is worth mentioning that there is no conflict of interest between the parties involved in this deal.