First Avenue: La Perle Real Estate Fund buys Jeddah property for SAR 60M

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The plot is located between the East La Perle and West La Perle projects, the company said, adding that the fund aims to offer an attractive opportunity to develop a mixed-use project comprising commercial, residential, and hospitality components, aligned with Jeddah's modern urban development needs.

The fund successfully completed all legal procedures for title transfer and registration.

This transaction is part of the company’s strategic expansion plan to develop prime and distinctive sites in key areas of Jeddah, with the aim of enhancing its investment portfolio and delivering added value to its shareholders.

Furthermore, the transaction represents an extension of the strategic business relationship previously announced with AWJ Real Estate Development and Investment Co. This aims to implement joint development projects that support both parties' objectives and strengthen their presence in the real estate development market.

In December 2024, First Avenue signed a non-binding letter of intent (LoI) with AWJ to establish a real estate fund. The fund intends to purchase and develop commercial, office, and hotel projects, according to Argaam data.

In January 2025, the company signed an agreement with La Perle Real Estate Fund to sell a land plot and commercial office building for SAR 125.96 million.

The fund plans to invest in East La Perle, West La Perle, La Perle Residential Land, and the La Perle Hotel Land.