In a significant step toward expanding its real estate footprint, First Avenue for Real Estate Development has announced the signing of a turnkey contract for its latest residential venture—Al-Basateen Avenue.
The SAR 115 million contract has been awarded to Emaarona Contracting Company, a recognized name in Saudi Arabia’s construction sector. As part of the agreement, Emaarona will undertake the full development of the project, from design to final handover.
Located within a private compound, Al-Basateen Avenue will feature 315 modern apartments spread over an approximate built-up area of 30,000 square meters. The project is designed to offer comfortable, community-style living with contemporary amenities and is expected to be completed within 18 months from the date the site is handed over.
First Avenue emphasized that this new development is aligned with the company’s broader vision of sustainable growth and portfolio diversification. By continuing to invest in high-potential residential communities, the company aims to deliver long-term value to its shareholders and enhance its standing in Saudi Arabia’s competitive real estate market.
“This contract marks another milestone in our journey to develop lifestyle-driven communities that meet modern housing demands while also contributing to our strategic growth goals,” a company spokesperson said.
As Saudi Arabia’s real estate landscape continues to evolve, projects like Al-Basateen Avenue reflect the rising demand for quality living spaces tailored to contemporary residents. First Avenue’s commitment to delivering value and innovation positions it as a key player in shaping the Kingdom’s residential future.
0 Comments