Saudi-based Dar Al Majed Real Estate Company (Almajdiah) signed an agreement with Jadwa Al Manzel Real Estate Fund to serve as the exclusive developer of a residential project in Riyadh. The contract is valued at $56.4 million (SAR 211.6 million).
Scope And Features Of The Project
Almajdiah will be responsible for the development, execution, management, and marketing of the project under a cost-plus development model. The fund is represented by Ahdath Real Estate Data Company.
The project will span 27,000 sq m within Riyadh’s Al Khuzama district. It will include a residential development featuring a range of apartment units, which will be marketed and sold in accordance with Saudi Arabia’s off-plan sales under Wafi regulations.
The entire contract will be completed within two years. More
