“Al Majidiya” signs 3 agreements to develop residential projects worth 256.9 million riyals
Last Thursday, Dar Al Majid Real Estate Company (Al Majidiya) signed 3 real estate development agreements with Jadwa Al Manzil Real Estate Fund.
The company said in a statement on its website "Saudi Arabia trading"The agreements are to develop quality residential projects in the city of Riyadh, with a total estimated development cost of about 265.9 million riyals.
She explained that this comes within the company’s plans to expand the development of integrated residential projects with the off-plan sales system (Wafi).
According to the statement, the projects include developing a residential tower on Olaya Road in the King Fahd District, on an area of approximately 3,250 square meters, with a total estimated building surface area of 24,336. square meters, with an estimated development cost of 115.46 million riyals, and an implementation period of 42 months.
The company signed an agreement to develop an integrated residential apartment project in the Arqa neighborhood in Riyadh, on an area of 7,103.61 square meters, with a total estimated building area of 25,500 square meters, with an estimated development cost of 65.4 million riyals, and an implementation period of 30 months.
The agreements also included the development of a residential complex (compound) in the Hittin neighborhood in Riyadh, on an area of approximately 14,709 square metres, with a total estimated building area of 30,764 square metres, at an estimated development cost of 85.08 million riyals, and for an implementation period of up to 36 months.
The company explained that all projects are being implemented according to the actual cost model plus development fees and sales fees. and Marketing (Cost Plus).
It was expected that the projects would have a positive impact on the company’s results as of the date of commencing work on the project, with the impact appearing gradually depending on the completion rates.
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