Asas Makeen in deal to develop a 290-unit residential project in Riyadh

Summary:

Asas Makeen Real Estate Development and Investment Company has signed a real estate development agreement with BLOM Real Estate Investment Fund XII to develop a 290-unit residential project in Riyadh's Al Narjis district. The project, covering 16,620.59 square meters, will be managed by Asas Makeen and is set to be completed in 18 months at an estimated cost of SAR132 million ($35.2 million), excluding VAT. Asas Makeen will receive SAR11.2 million in development management fees and invest SAR15 million for 14,958 investment units in the fund, which targets SAR303 million ($80.8 million).