Asas Makeen estimates Al Hada Avenue contract value at SAR 98.8M

Asas Makeen Real Estate Development and Investment Co. announced today, April 27, the signing of an addendum to its contract with First Avenue for Real Estate Development Co. for the Al Hada Avenue residential project in Riyadh. The new addendum came after completing the final engineering designs and obtaining the required regulatory approvals.

In a statement to Tadawul, the company said the addendum sets the estimated contract value at SAR 98.76 million, inclusive of VAT.

Asas Makeen noted that the delay has no material impact on its financial statements, adding that the project’s financial impact will be recognized based on the percentage of completion and progress of execution.

In a separate statement, First Avenue clarified that the project’s cost was set at approximately SAR 85.88 million, including the fees of Asas Makeen at a rate of 14.5%, which were previously announced, and did not include VAT.

In July 2025, First Avenue signed a turnkey contract with Asas Makeen to develop the Al Hada Avenue residential project in Riyadh on a 23,200-square-meter land plot immediately upon obtaining regulatory approvals, Argaam data showed.

The original contract stipulated that the final contract value will be determined at a later stage, once the designs and plans receive approval from the competent authorities.