Asas Makeen Real Estate Development and Investment Company announced that it has signed a contract valued at SAR 63.08 million (inclusive of VAT) with Awaed Al Hada Company on March 15, with the aim of developing a residential project in the Al Hada district of Riyadh.
According to a statement published on Monday on the Saudi Tadawul website, Asas Makeen will act as the real estate developer for the project, overseeing the management and execution of development works.
The project includes the construction of a group of residential villas on a land plot spanning 10,468 square meters, owned by Awaed Al Hada Company. The project aims to develop the residential units and offer them for sale upon completion of construction.
Asas Makeen will receive development fees amounting to 15% of the total project costs. The contract duration extends to 18 months, and the project aligns with Asas Makeen’s strategy to expand its services in the real estate development sector and strengthen its partnerships with landowners and investors.
This comes as part of the company’s efforts to meet the growing demand for residential projects in Riyadh’s real estate market. The company also stated that it expects the positive financial impact of the contract to be reflected in its results starting from the fiscal year 2026, as development activities commence and progress according to the specified timeline.
