Retal Urban Development Company Signs Major Agreement in Oman

Retal Urban Development Expands into Oman

Retal Urban Development Company has made a significant entry into the Omani market by signing its first development agreement with the Ministry of Housing and Urban Planning. The project, located in Sultan Haitham City, Muscat, entails the construction of more than 2,000 residential units, marking a major milestone for the Saudi-based developer.

The agreement, announced on Monday, outlines the development of an integrated residential community at an estimated cost of 3.1 billion Saudi riyals, equivalent to approximately $822.83 million. This ambitious project will be executed across zones 3, 15, and 17, covering a total area of 1.3 million square meters.

Project Details and Timeline

The integrated community will feature a mix of villas and apartments, alongside commercial and mixed-use components, as well as essential community facilities. This comprehensive approach aims to foster a vibrant living environment within Sultan Haitham City.

The development will utilize the off-plan sale model, allowing potential buyers to purchase units before construction is completed. The project is anticipated to take nearly nine years to finish, although specific timelines for the commencement of construction have yet to be disclosed.

Frequently Asked Questions

What is the total cost of the project?

The estimated cost of the project is 3.1 billion Saudi riyals ($822.83 million).

Where is the development located?

The development is located in Sultan Haitham City, Muscat, Oman.

How many residential units will be built?

More than 2,000 residential units will be constructed.

What types of housing will be included?

The project will include villas, apartments, and mixed-use components.

What is the estimated timeline for completion?

The project is expected to take nearly nine years to complete.