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 immediately upon obtaining regulatory approvals.

The residential project will be built on a 23,200-square meter land plot, with the contract valued at 14.5% of the actual construction cost, the companies said in separate statements to Tadawul.

Under the turnkey agreement, Asas Makeen will be responsible for the full execution of the project, meeting approved plans, technical specifications, and quality standards.

The high-quality townhouse development aims to meet market demand while ensuring strong urban integration and customer satisfaction.

The contract aligns with First Avenue’s strategy to build specialized alliances across various real estate segments, given Asas Makeen’s extensive experience and strong track record.

The positive financial impact of the project is expected to be reflected on First Avenue’s 2028 results.

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

Any material developments will be disclosed in due course, the statements said.