Saudi-based Ladun Investment has announced that it has signed a partnership agreement with Mawten Real Estate Company to develop a mixed-use project in Makkah region at an investment of SR827 million ($220.2 million).

To be built on a 6,580-sq-m area, the 25-storey tower will boast 935 luxury serviced residential units as well as retail outlets, commercial showrooms and services units, said Ladun Investment in a filing to Saudi bourse Tadawul.

Strategically located, the project will come up opposite the Haramain train station, adjacent to the Masar destination project with four years.

As per the deal, Ladun Investment Company will be responsible for developing, marketing and selling the project in co-operation with Mawten Real Estate Company.

Ladun Investment will acquire 30 per cent of the total project including the land and share 30 per cent of projects’ costs and profits.

In another development, Ladun said one of its subsidiaries, Built Industrial Company, has been awarded a SR646 million contract for the development of The Point, a 75,000 sq-m-mixed-use project on King Fahd Road at Abha in the Asir region of the kingdom.

The contract was awarded by Real Estate Development Fund Company, a private closed real estate investment fund owned by the Red Sea Asir Company and the Tourism Development Fund.

On completion, the project will feature mall, a hotel, entertainment facilities, administrative buildings and gardens.