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Logo of First Avenue for Real Estate Development Co.
First Avenue for Real Estate Development Co. said it owns no land plots, confirming compliance with the White Land Fees Law and its executive regulations.
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The company’s land bank in Riyadh comprises income-generating and under construction projects, First Avenue explained in a Tadawul statement.
Any material updates or financial impacts will be duly announced, it added.
|
First Avenue’s Projects Subject to White Land Fees |
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|
Project |
Location |
Area (sqm) |
Ownership |
Status |
License |
Progress |
Fees (%) |
Fee Status |
|
Diriyah Avenue |
Diriyah |
22,400 |
Owned by a mutual fund |
Underway |
Issued |
85% |
5% |
Invoices were issued for previous years. Some were canceled. First Avenue is in process to cancel the remaining ones. |
|
Business Avenue Al Rayyan |
Al-Rayyan District |
3,350 |
Owned by the company |
Underway |
Issued |
5% |
5% |
Under registration |
|
Al‑Basateen Avenue |
Al Arid District |
30,000 |
Owned by the company |
Underway |
Issued |
13% |
10% |
The company applied for time extension |
|
Business Avenue Al Qairawan |
Al-Qairawan District |
7728 |
Owned by a mutual fund |
Underway |
Issued |
70% |
10% |
Qualified for fee exemption as construction starts |
|
Al-Hada Avenue |
Al Hada District |
23,199 |
Owned by a mutual fund |
Underway |
Issued |
2% |
10% |
Qualified for fee exemption as construction starts |
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