First Avenue signs an addendum to its contract with Asas Makeen Real Estate for a residential development in Al Hada district, the total project value is SAR 86m ($22.9m).
In a filing to Saudi stock exchange Tadawul, First Avenue comments that the revised contract value was finalised further to the completion of detailed designs and the definition of technical specifications and quality standards for the project.
The residential development is to be built on a 23,199.09 sqm plot and designed as a townhouse compound within an integrated urban environment.
The company further comments that the range of work includes the full turnkey delivery of the project in line with approved plans and the agreed technical and quality standards. The total contract value also mentions fees payable to Asas Makeen at 14.5%.
The agreement follows First Avenue’s prior announcement in July 2025 mentioning the original contract award for the development.
The developer confirms there has been no delays associated with the project, with the latest contract addendum is reflective of the finalisation of design details and execution requirements.
The Al Hada development forms part of First Avenue’s ongoing residential growth strategy as the company continues to invest in integrated housing projects in Saudi Arabia.
