First Avenue pens SAR 115M turnkey contract for Al Basateen Avenue

21/04/2025 Argaam
Logo ofFirst Avenue for Real Estate Development Co.

Logo of First Avenue for Real Estate Development Co.

First Avenue for Real Estate Development Co. signed today, April 21, a turnkey contract worth SAR 115 million, VAT exclusive, with Emaarona Contracting Co., according to a Tadawul statement.

 

For more news and details on the projects

 

The contract is to execute the Al‑Basateen Avenue residential project — a private compound comprising 315 apartments and spanning an approximate built‑up area of 30,000 square meters (sq m).

 

The project will be delivered within 18 months from the date of the site handover to the contractor, the company said, noting that there are no related parties to the deal.

 

The project, the value of which is estimated to total SAR 150 million, will be funded through the company’s credit facilities.

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