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Assas Makin Real Estate Development and Investment Company announced the signing of a real estate development agreement with In Building, under which it will manage the development of a residential project, and supervise its implementation in Al-Arid neighborhood north of Riyadh, at an estimated total cost of 55.62 million riyals ($14.83 million), not including VAT.
The company said in a statement published on the site "Tadawul Saudi" on Monday, that the project will be built on land owned by "In Building", an area of 8,800 square meters, while the responsibilities of "Assas McCain" to manage the development work and supervise the implementation according to the scope of work and the schedule and costs approved in the agreement.
The contract is executed for 10 months, and the estimated cost includes development fees
The period of implementation of the contract is 10 months, and the estimated cost includes the development fees, provided that the final value of the project is determined based on the actual costs approved, in accordance with the provisions of the agreement signed between the two parties.
Assas McCain expected that the financial impact of the agreement would be reflected on its results during the project implementation period, depending on the progress of the work and the fulfilment of the conditions of eligibility for development fees stipulated in the contract.
The company pointed out that the agreement comes within its strategy to expand real estate development activities for the benefit of others, pointing out that it owns a 15% share of the capital of In Building, reflecting the existence of a property relationship between the two parties.
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