First Avenue for Real Estate Development Company has signed an addendum to its contract with Asas Makeen Real Estate for the development of a residential project in Al Hada District, Saudi Arabia. Following the completion of detailed designs and the finalization of technical specifications and quality standards, the total project cost has been set at approximately SAR86 million ($22.9 million).
The project will be developed on a land plot spanning 23,199.09 sq m and will feature a townhouse residential compound within a fully integrated urban community. The contract covers turnkey execution of the development in line with approved plans and established quality standards.
The revised total cost also includes fees payable to Asas Makeen at a rate of 14.5%. The company confirmed that the project remains on schedule, with no delays reported.