SAUDI developer First Avenue for Real Estate Development Company has awarded Jadwa Al Shorfa Real Estate Fund a contract for a mixed-use project in the capital Riyadh featuring a mix of commercial, residential and office units along with key amenities.

Strategically located at the intersection of the Eastern Ring-Makkah Khuris Road, the project, Capital Avenue – Al Rayyan, will come up on a 38,950-sq-m area.

This agreement represents a continuation of the company’s expansion strategy, which focuses on investing in promising real estate opportunities located in highly attractive and strategic locations, said First Avenue for Real Estate Development Company in its filing to Saudi bourse tadawul.

The project scope includes preparation of detailed architectural designs; supervision of construction works and marketing of the project.

The building permit has been issued for the project, which will have a total built-up area of 110,738 sq m, stated the developer.

For the project, the development fee amounts to 15 per cent of the actual project costs, estimated at SAR185 million ($49.2 million), it stated.

The entire work will be completed within 30 months from the date of appointing the project contractor.