Riyadh – Mubasher: Alandalus Property Company has established an office building project in the Al Malqa district on King Salman Road in Riyadh city at nearly SAR 140 million, according to a bourse filing.
The development project will be carried out through Mawared Al Tamayoz Real Estate Company, a limited liability fully acquired by Alandalus.
Mawared Al Tamayoz holds the benefit rights under a lease agreement for six contiguous plots of land for 30 years, of which two years have elapsed before the acquisition.
Alandalus Property highlighted that the project aligns with its strategy and expansion plans for increasing its revenues.
The project is expected to commence during the fourth quarter (Q4) of 2024 and will be completed in Q1-27. The development scheme is forecast to reflect on the listed company's financial results when it begins operation in Q2-27.
In the first half (H1) of 2024, Alandalus Property shifted to net losses worth SAR 6.53 million, versus profits valued at SAR 25.91 million in H1-23.
