First Avenue has awarded a contract to Jadwa Al Shorfa Real Estate Fund for a mixed-use project in Riyadh, featuring a mix of commercial, residential and office units along with key amenities.
Located at the intersection of the Eastern Ring-Makkah Khuris Road, the project, Capital Avenue – Al Rayyan, will come up on a 38,950sqm area.
The agreement represents a continuation of the company’s expansion strategy, which focuses on investing in promising real estate opportunities located in highly attractive and strategic locations, said First Avenue for Real Estate Development Company in its filing to Saudi bourse Tadawul.
The project scope includes preparation of detailed architectural designs, supervision of construction works and marketing of the project.
For the project, the development fee amounts to 15% of the actual project cost, estimated at US $49.2mn.
The building permit has been issued for the project, which will have a total built-up area of 110,738sqm.
The project will be completed within 30 months, the statement noted.
First Avenue signs Jadwa Al Shorfa for mixed-use project in Riyadh Middle East Construction News.
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