First Avenue for Real Estate Development Co. Announces the Purchasing of A property in the Al-Shate’a district of Jeddah, covering an area of 5,650 square meters. in the amount of 60 million SAR (not including RETT and commission)
| Element List | Explanation |
|---|---|
| Introduction | First Avenue for Real Estate Development Announces Its Subsidiary’s Acquisition of a 5,650 m² Property in Jeddah’s Al-Shate’a District for SAR 60 Million |
| Transaction Details | First Avenue for Real Estate Development announces that Jadah Al-Bahr Real Estate Company, a 50%-owned subsidiary, has completed the acquisition of a property located in the Al-Shate’a district on Heraa Street in Jeddah for SAR 60 million, exclusive of real estate transaction tax and brokerage fees. The property's title deed has been fully transferred to Jadah Al-Bahr Real Estate Company.
The site covers 5,650 square meters and is expected to be developed as a mixed-use project—comprising commercial, residential, and office components—in line with the Company’s strategy to deliver high-quality developments in prime locations throughout Jeddah. |
| Transaction Amount | 60 million SAR (not including RETT and commission) |
| Transaction Conditions | no special term |
| Parties of the Transaction | Mr. Omar Saud Al-Balihed and Mr. Abdullah Ibrahim Al-Ma’arak |
| Transaction Financing Method | The purshase was funded using Jadat Al-Bahr Real Estate Company's own resources |
| Date of Entering Into The Transaction | 2025-05-14 Corresponding to 1446-11-16 |
| Description of Activity of The Asset Subject of The Transaction | The company aims to develop a mixed-use project, comprising commercial, residential, and office components |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | No financial data is available |
| Transaction reasons | This investment is part of the Company’s strategy to strengthen its real estate portfolio in Jeddah and to capitalize on promising opportunities in the city’s most strategic locations. |
| Expected Impact of the Transaction on the Company and Its Operations | The transaction is expected to have a positive impact on the Company’s financial results beginning in 2028. |
| Related Parties | Jadat Al-Bahr Real Estate Company, A 50% owned subsidiary |
| Attached Documents |  |
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