BRIEF-Knowledge Economic City Signs Multaqa Residences Development Deal With Alrashid Properties

KEC
Tadawul All Shares Index

KEC

4310.SA

0.00

Tadawul All Shares Index

TASI.SA

0.00

July 20 (Reuters) - KNOWLEDGE ECONOMIC CITY COMPANY SJSC 4310.SE:

  • KNOWLEDGE ECONOMIC CITY - SIGNS DEVELOPMENT AGREEMENT FOR MULTAQA RESIDENCES WITH ALRASHID PROPERTIES

  • KEC: UNDER AGREEMENT, ALRASHID PROPERTIES APPOINTED AS DEVELOPER OF MULTAQA RESIDENCES PROJECT

  • KNOWLEDGE ECONOMIC CITY - PROJECT LAND VALUED AT SAR 9,000 PER SQUARE METER, REPRESENTING AN INDICATIVE LAND VALUE OF SAR 1.35 BILLION

  • KNOWLEDGE ECONOMIC CITY - ESTIMATED DEVELOPMENT COST IS ABOUT SAR 2.6 BILLION EXCLUDING LAND VALUE,

  • KEC: WILL CONTINUE TO ACT AS MASTER DEVELOPER AND RETAIN OWNERSHIP OF PROJECT LAND THROUGHOUT TERM OF AGREEMENT

  • KNOWLEDGE ECONOMIC CITY - TOTAL PROJECT REVENUES ARE EXPECTED TO REACH APPROXIMATELY SAR 5.0 BILLION

  • KNOWLEDGE ECONOMIC CITY - FINANCIAL ENTITLEMENTS OF BOTH PARTIES WILL BE ADJUSTED SHOULD FINAL GROSS SALEABLE AREA DIFFER FROM AGREED MINIMUM

  • KEC: BOOK VALUE OF PROJECT LAND C.SAR 94 MILLION

Source text: ID:nSSE8vNDqy

Further company coverage: 4310.SE


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