20 October, 2024 09:18
First Avenue for Real Estate Development Co. Announces Project Sign Off with Alidara Real estate Company
Element List | Explanation |
---|---|
Introduction | First Avenue Real Estate Development Company is announcing that an agreement has been signed to finalize the development and implementation of an office complex project in Riyadh on Airport Road. The total building area is approximately 34,000 square meters, with a total contract value of 75 million riyals. |
Date of Announcement of the Award | 2024-10-15 Corresponding to 1446-04-12 |
Project Subject Matter | Contract for a development project with the Alidara Real estate Company valued at 75,000,000 Saudi Riyals. |
The Entity with Which the Project was Signed | Alidara Real estate Company |
Date of Signing the Project | 2024-07-01 |
Project Value | 75,000,000 SAR |
Project Details | Signing an agreement to complete the development and implementation of a unique, high-specification commercial office project in Riyadh, Qurtubah District., which is located on the Airport Road |
Project Duration | The project is expected to be completed within 20 months |
Financial Impact and the Relevant Period | It is expected that the company will start to see positive impact beginning of the second half of 2024 |
Related Parties | There are no related parties |
Additional Information | It is worth mentioning that the project is an extension and continuation of the complex’s implementation works after the ownership was transferred to Alidara Real estate Company. The completion rate was approximately 50% at the time of signing the contract |
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