Asas Makeen Real Estate Development and Investment Company has announced the signing of a major development agreement with Tawafuq Al Rimal Real Estate Fund for the execution of superstructure works on a new integrated residential compound in Al Rimal District, Riyadh.
The project will be developed on a total land area of 30,000 square meters and will feature approximately 503 residential units, forming a modern, fully integrated living community designed to meet the growing demand for quality housing in the capital.
Valued at SAR 268,116,905, the agreement appoints Asas Makeen as the real estate developer responsible for managing and delivering the superstructure works. This includes overseeing the project’s design, planning, and execution phases to ensure timely delivery and adherence to quality standards. The project is scheduled for completion within 18 months.
Commenting on the agreement, the company stated that the partnership reflects its strategic direction to expand its footprint in Riyadh’s dynamic real estate sector. It also underscores Asas Makeen’s commitment to strengthening its third-party development services by collaborating with landowners and investment funds to deliver high-quality, integrated developments.
This project marks another step forward in Asas Makeen’s ongoing efforts to contribute to the Kingdom’s urban development goals while creating sustainable and well-planned residential communities.
