Dar Al Majed Real Estate Co. (Al Majdiah) has signed agreements with Jadwa Al-Manzel Real Estate Fund to develop three projects valued at 266 million Saudi riyals ($70.89 million) in Riyadh.

The first agreement includes the development of a residential tower in Riyadh’s King Fahd district on a land area of 3,250 square metres (sqm) and a built-up area of 24,336 sqm, the company said in a statement to the Saudi stock exchange on Sunday.

The project will be completed in 42 months and cost SAR 115.5 million.  

The second agreement covers the development of a residential apartment project in the Arqa district in Riyadh on a land area of 7,103.61 sqm and an estimated built-up area of 25,500 sqm, the company said in a separate statement.

The project is estimated to cost SAR 65.4 million and will be completed in 30 months.

The third agreement includes the development of a residential compound project in the Hittin district of Riyadh, spanning 14,709 sqm and a built-up area of 30,764 sqm.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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