Logo of Asas Makeen Real Estate Development and Investment Co.
Asas Makeen Real Estate Development and Investment Co.signed an agreement with N Building Co. to develop a residential project and oversee its implementation on an 8,800-square-meter plot owned by N Building in Riyadh’s Al Arid district. 
In a statement to the Tadawul, the company said the agreement is part of its strategy to expand its real estate development activities for third parties.
The project’s estimated total development cost is SAR 55.62 million, including development fees and excluding value-added tax (VAT). The final cost will be determined based on actual costs approved in accordance with the agreement.
The company expects the 10-month agreement to have a financial impact on its financial results during the project implementation period, depending on work progress and fulfillment of the conditions for entitlement to development fees.
Asas Makeen owns a 15% stake in N Building, the statement noted, adding that there are no related parties to the deal.
Logo of Asas Makeen Real Estate Development and Investment Co.
Asas Makeen Real Estate Development and Investment Co.signed an agreement with N Building Co. to develop a residential project and oversee its implementation on an 8,800-square-meter plot owned by N Building in Riyadh’s Al Arid district.
In a statement to the Tadawul, the company said the agreement is part of its strategy to expand its real estate development activities for third parties.
The project’s estimated total development cost is SAR 55.62 million, including development fees and excluding value-added tax (VAT). The final cost will be determined based on actual costs approved in accordance with the agreement.
The company expects the 10-month agreement to have a financial impact on its financial results during the project implementation period, depending on work progress and fulfillment of the conditions for entitlement to development fees.
Asas Makeen owns a 15% stake in N Building, the statement noted, adding that there are no related parties to the deal.
