First Avenue, Asas Makeen say Riyadh residential project to be executed on turnkey basis

Logo of First Avenue for Real Estate Development Co. and Asas Makeen Real Estate Development and Investment Co.

First Avenue for Real Estate Development Co. and Asas Makeen Real Estate Development and Investment Co. said the agreement to develop the Jadah Al-Huda residential project in Riyadh is structured as a turnkey contract, signed before final engineering designs were completed and regulatory permits issued.

In separate statements to Tadawul, both companies clarified that the contract includes a clause stipulating that the final contract value will be determined at a later stage, once the designs and plans receive approval from the relevant authorities.

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They said the contract value was not disclosed in the earlier announcement to avoid publishing inaccurate or misleading information, in line with disclosure requirements, particularly Article 26 of the Listing Rules.

First Avenue and Asas Makeen added that the estimated value and financial impact of the contract will be announced once the necessary data is finalized and approved.

According to Argaam’s data, First Avenue signed a contract recently with Asas Makeen to develop the Jadah Al-Huda residential project in Riyadh on a 23,200-square-meter land plot immediately upon obtaining regulatory approvals.