First Avenue contracts with La Perle Real Estate Fund for mixed-use project in Jeddah

Logo of First Avenue for Real Estate Development Co.

First Avenue for Real Estate Development Co. was named the developer of a mixed-use project spanning 7,822 square meters in Al Shati District, Jeddah, after signing a development contract with La Perle Real Estate Fund today, Aug. 6.

In a statement to Tadawul, the Saudi-listed company said the project will comprise commercial, residential, and hospitality units.

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The contract runs for 36 months from the date of the construction license issuance. The development fee amounts to 12% of the actual project costs, which will be determined at a later stage upon the approval of the final designs and the final permit’s issuance.

The scope of work covers project execution based on the approved plans, including handling architectural designs, securing regulatory permits, overseeing construction activities and public marketing.

This contract award aligns with First Avenue’s expansion strategy, targeting investments in promising real estate opportunities within highly attractive and strategic locations across Jeddah, according to the statement.

The estimated project value cannot be determined at present as designs and regulatory permits are still in process as of the contract signing date.

First Avenue holds units in La Perle Real Estate Fund, equivalent to 38.6% of the latter’s capital.

The positive financial impact is expected to be reflected on financial results starting from 2026, First Avenue said, noting that any material developments will be announced in due course.

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