In a strategic move to expand its real estate footprint, First Avenue for Real Estate Development has officially signed a turnkey contract for the development of its latest project, Al-Basateen Avenue. The contract, valued at SAR 115 million, has been awarded to Emaarona Contracting Company, a well-established name in the construction sector.
The Al-Basateen Avenue project is set to be a private residential compound located in Saudi Arabia. Designed to cater to modern living standards, the development will include 315 apartments, spread across a total built-up area of approximately 30,000 square meters. Once the site is handed over, the entire project is scheduled for completion within a span of 18 months.
According to a statement released by the company, this significant agreement is a reflection of First Avenue’s long-term vision for growth and sustainability in the Kingdom's dynamic real estate sector. The project not only aims to enhance the company's investment portfolio but also to deliver added value to shareholders by strengthening its presence in the competitive housing market.
This latest initiative highlights First Avenue's commitment to contributing to the Kingdom’s urban development goals, in line with Saudi Arabia’s Vision 2030. The company continues to pursue projects that merge architectural innovation with strategic planning, setting new benchmarks for residential excellence in the region.
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