First Avenue for Real Estate Development Company announced on Wednesday the signing of a construction contract with Asas Makeen Real Estate Development and Investment Company for the implementation of the Al-Hada Avenue Residential Project in Riyadh.
The contract will take effect upon final approval of the project plans by the relevant authorities. The development will be built on a 23,199.09 square meter plot, with the contract value set at 14.5% of the actual construction cost.
According to the statement published on the Saudi Exchange (Tadawul), the turnkey contract covers the full execution of the project in accordance with the approved plans, technical specifications, and quality standards. The project is designed to develop a townhouse residential complex within a fully integrated urban environment.
Asas Makeen stated that the contract aligns with its strategic objective to expand in the real estate development sector by delivering high-quality projects tailored to market demand. The company anticipates that the agreement will positively impact its financial results by diversifying revenue streams and strengthening its property portfolio.
