Asas Makeen signs SAR 63.1M deal to develop Riyadh Villas

11:13 AM (Mecca time) Argaam- Nomu
Logo ofAsas Makeen Real Estate Development and Investment Co.

Logo of Asas Makeen Real Estate Development and Investment Co.

Asas Makeen Real Estate Development and Investment Co. signed a real estate development contract with Awa'id Al-Hada Co. to develop a residential villa project in the Al Hada district of Riyadh, valued at SAR 63.08 million (including VAT).

 

In a statement on Tadawul, the company stated that the 18-month contract covers managing and executing the development of the project on land spanning about 10,470 square meters.

 

The project involves developing the residential villas and offering them for sale after completion, with the company earning a 15% development fee of the total project cost.

 

Asas Makeen expects the contract to have a positive financial impact starting in 2026, once development works begin and in line with project progress during the contract period.

 

The project aligns with the company’s strategy to expand its real estate development services for third parties and strengthen partnerships with landowners and investors to deliver residential projects that meet demand in Riyadh’s real estate market.

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