First Avenue’s unit acquires SAR 60M property in Jeddah

Logo of First Avenue for Real Estate Development Co.

First Avenue for Real Estate Development Co. announced that its 50%-owned subsidiary, Jadah Al-Bahr Real Estate Co., completed the acquisition of a property for SAR 60 million, excluding real estate transaction tax and brokerage fees. The acquired property is located on Hira Street, Ash Shati District – Jeddah.

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In a statement on Tadawul, First Avenue confirmed the completion of the property transfer and title deed registration in favor of Jadah Al-Bahr.

The 5,650-square meters property is expected to be developed into a mixed-use project, comprising commercial, residential, and office units. This aligns with the company’s strategy to develop premium projects in prominent locations across Jeddah.

The company stated that the transaction will be financed through the subsidiary’s internal resources, adding that the sellers are Omar Saud Al-Balihed and Abdullah Ibrahim Al-Ma’arak.

First Avenue expects the transaction to have a positive impact on its financial results starting in 2028.

This investment aligns with the company’s strategy to promote its presence in the real estate sector in Jeddah and capitalize on promising investment opportunities in key locations across the city, the statement added.