First Avenue, Asas Makeen ink deal to develop Jadah Al-Huda project in Riyadh

First Avenue for Real Estate Development Co. signed a contract with Asas Makeen Real Estate Development and Investment Co. to develop the Jadah Al-Huda residential project in Riyadh, according to a Tadawul statement.

Construction will commence immediately upon obtaining regulatory approvals.

The residential project spans a 23,200 square meter land plot, and the contract duration is 15 months.

The value of the contract amounted to 14.5% of the cost of actual operations.

The scope of the contract includes the full execution of the project on a turnkey basis, in accordance with the approved plans, and in compliance with the technical specifications and quality standards set for the project. The development aims to establish a high-quality townhouse residential compound within a fully integrated urban environment, while providing clients with a distinctive experience.

“This contract aligns with the company’s strategy of building specialized alliances across various real estate segments, given Asas Makeen’s extensive experience and strong track record,” said First Avenue, adding that the relevant financial impact will appear as of 2028.

For its part, Asas Makeen said the contract will positively reflect on its financial performance by diversifying income sources and enhancing real estate portfolio.

Any material developments will be disclosed in due course in accordance with applicable laws and regulations, both companies indicated.