Hamad Bin Saedan Real Estate signs a commercial real estate development contract worth 16.9 million riyals
Hamad Mohammed Bin Saedan Real Estate Company signed "Hamad bin Saedan Real Estate"Yesterday, a contract was signed to manage the development of a commercial real estate project in the Tuwaiq neighborhood in Riyadh on an area of 16,001 square metres.
According to the company’s statement on the website "Saudi Arabia trading"Hamad Mohammed Bin Saedan Real Estate Company will manage the implementation of a commercial project on an area of 16,001 square metres, with an initial value estimated at 16,972,346 riyals.
The company receives development management fees of 10% of the development costs, excluding value-added tax.
It explained that the party with which the contract was signed: Hamad Mohammed bin Saedan (a related party).
The duration of the contract is: 18 months and includes all stages of the project.
I expected that the project would have a positive impact on the company’s results coinciding with the start of project work implementation.
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