Riyadh - Mubasher: Asas Makeen Real Estate Development and Investment Company has signed a SAR 240 million agreement with the National Housing Company (NHC).
The project aims to develop the Tali’at Al-Mashraqiyah project in eastern Riyadh, according to a bourse disclosure.
The contract, signed on 11 May 2025, covers the execution of superstructure works for 470 residential units across an area of approximately 71,178 square meters. It also features commercial and service facilities developed to enhance residents’ quality of life.
Meanwhile, the sales and construction phases will begin upon the issuance of the off-plan sales license.
The project is expected to positively impact the company’s financial results in the fourth quarter (Q4) of 2025.
The development scheme, which was awarded on 4 March, is scheduled to be completed within 42 months.
The real estate developer commenced listing its shares on the Parallel Market (Nomu) on 16 June, after obtaining the approval of the Capital Market Authority (CMA) in January.
