Saudi-based Dar Al Majed Real Estate Company (Almajdiah) said it had signed an agreement with Jadwa Al Manzel Real Estate Fund to serve as the exclusive developer of a residential project in Riyadh, under a contract valued at SAR211.6 million ($56.4 million).

As per the deal, Almajdiah will be responsible for the development, execution, management and marketing of the project under a cost-plus development model, said the company in its filing to Saudi bourse Tadawul. The fund is represented by Ahdath Real Estate Data Company.

The project will come up on a 27,000 sq m area within Riyadh's Al Khuzama district. It will comprise a residential development featuring a range of apartment units, which will be marketed and sold in accordance with Saudi Arabia's off-plan sales (Wafi) regulations, it stated.

The entire contract will be completed within a two-year period.

Almajdiah said the project forms part of its strategy to expand its portfolio of residential and commercial developments in Riyadh and strengthen its position in the real estate development sector, it added.-TradeArabia News Service