Saudi-based Hamad Mohammed Bin Saedan Real Estate Company has signed a development management contract for a commercial real estate project in capital Riyadh.
The scope of work includes management of key plots of land in the Tuwaiq District spanning over 16,001 sq m area, said Hamad Mohammed Bin Saedan Real Estate in its filing to Saudi bourse Tadawul.
The project’s development value is preliminarily estimated at SAR16.9 million ($4.5 million).
Under the agreement, Hamad Mohammed Bin Saedan will manage the design and construction phases of the project in return for development management fees equal to 10% of total development costs, it stated.
The entire contract work, including all phases of the project, will be completed within 18 months.
The project is expected to have a positive impact on its financial results in line with the commencement of execution works, it added.-TradeArabia News Service
