Asas Makeen Real Estate Development and Investment Company has announced it has signed an agreement with Tawafuq Al Rimal Real Estate Fund for the development of an integrated residential project in Al Rimal District, Riyadh.
The agreement comes in line with the company’s strategy to expand its real estate projects across Riyadh, and to strengthen its third-party real estate development services through partnerships with landowners and investors, said Asas Makeen in its filing to Saudi bourse Tadawul.
Spanning over a 30,000sqm in area, the residential compound will feature a total of 503-homes, it stated.
As per the US $71.4mn contract, Asas Makeen is responsible for managing and executing the superstructure development works, including oversight of design, planning and project implementation.
The entire work will be completed within a 19-month period, it stated.
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