Asas Makeen for Real Estate Development and Investment announces the signing of a contract with Thimar Al-Osoul Holding Company.
Asas Makeen for Real Estate Development and Investment announces the signing of a contract with Thimar Al-Osoul Holding Company valued at SAR 60,000,000 for the purpose of developing a land parcel under a "Cost Plus Fees" model, over a period of 18 months. This step aligns with the company's strategic direction to expand in the third-party real estate development sector through executing high-quality projects that enhance the standard of residential products, meet the needs of the Saudi market, and improve the urban experience according to the highest standards.
The contract aims to develop a commercial land area of 10,500 square meters, adhering to the highest quality, urban integration, and engineering execution standards, ensuring the delivery of a fully integrated urban environment that accommodates both commercial and residential uses and meets the needs of clients, investors, and the real estate market.
This collaboration is expected to contribute to the growth of the real estate development sector in Riyadh and enhance the quality of real estate products. The contract is anticipated to have a positive financial impact on the company's results starting from the first quarter of the next fiscal year, with the effect gradually reflected according to the project execution stages.
The contract aims to develop a commercial land area of 10,500 square meters, adhering to the highest quality, urban integration, and engineering execution standards, ensuring the delivery of a fully integrated urban environment that accommodates both commercial and residential uses and meets the needs of clients, investors, and the real estate market.
This collaboration is expected to contribute to the growth of the real estate development sector in Riyadh and enhance the quality of real estate products. The contract is anticipated to have a positive financial impact on the company's results starting from the first quarter of the next fiscal year, with the effect gradually reflected according to the project execution stages.