Riyadh - Mubasher: Asas Makeen Real Estate Development and Investment Company inked a SAR 63.08 million real estate development agreement with Awa'id Al-Hada Company to develop a residential villas project in Al-Hada district, Riyadh.

Asas Makeen will act as the project developer, managing and executing construction works, with development fees set at 15% of the total project cost, according to a bourse filing.

Spanning 10,468 square meters (m²), the development will feature multiple residential villas, which will be available for sale upon completion.

The deal aligns with Asas Makeen’s strategy to grow third-party development services and deepen partnerships with landowners and investors, delivering high-quality residential projects that meet Riyadh’s market demand.

The 18-month project is expected to positively impact the company’s financial results starting this year.

In January, Asas Makeen signed a final agreement with Abdulaziz & Saad Al Moajil Trading and Investment Company and Dinar Investment Company to establish a SAR 140 million closed-end private real estate investment fund.