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FIRST AVENUE

20 October, 2024 09:18

First Avenue for Real Estate Development Co. Announces Project Sign Off with Alidara Real estate Company

Element ListExplanation
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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