First Avenue's unit acquires SAR 60M property in Jeddah
First Avenue for Real Estate Development Co. announced that its 50%-owned subsidiary, Jadah Al-Bahr Real Estate Co., completed the acquisition of a property located on Hira Street, Ash Shati District - Jeddah for a total value of SAR 60 million, excluding real estate transaction tax and brokerage fees.
In a statement on Tadawul, First Avenue confirmed that the property transfer and title deed registration have been completed in favor of Jadah Al-Bahr.
The property, which spans 5,650 square meters, is expected to be developed into a mixed-use project comprising commercial, residential, and office components.
This aligns with the company's strategy to develop high-quality projects in key locations across Jeddah.
The company stated that the transaction will be financed through the subsidiary's internal resources, adding that the sellers are Omar Saud Al-Balihed and Abdullah Ibrahim Al-Ma'arak.
First Avenue expects the transaction to have a positive impact on its financial results starting in 2028.
It noted that this investment supports its strategy to strengthen its presence in the real estate sector in Jeddah and capitalize on promising investment opportunities in key locations across the city.
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