Saudi Arabia’s Dar Al Majdiah Real Estate Company has signed an agreement with Alistithmar Real Estate Fund 9 to develop 2 residential towers at the Masar Destination project in Makkah under a contract valued at about US $105.5mn.
As per the deal, Dar Al Majdiah will serve as the master developer and will undertake the management and development of the residential real estate project at the Masar Destination in Makkah. The project will cover a 6,614sqm site in Zone 1 of the key development.
The scope of work includes planning, design, development, supervision and monitoring of construction works in addition to co-ordination with relevant authorities and management of contracts with contractors and consultants, said Dar Al Majdiah Real Estate in its Saudi bourse filing.
The contract also covers the marketing and sale of the project’s units, all in accordance with the scope of work set out in the agreement.
As per the deal, the work will be completed within a 30-month period from the date the building permit is issued, it stated.
The revenue from the contract will be recognised using the percentage-of-completion method during the project’s execution, it added.
The financial impact of the contract will be reflected in the company’s financial statements throughout the project execution period.
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