Al-Majdiyah to develop 296 Medina housing units for 185M riyals
Dar Al-Majid Real Estate Company (Al-Majidiyah) announced that it has signed an agreement to develop 296 residential units in Al-Hadrah Neighborhood in Medina as part of the "Musharaf Al-Majidiyah" project, with an estimated cost of up to 185 million SAR. The agreement includes developing villas and apartments, as well as enhancing the overall layout of the central area, with project implementation scheduled over a period of 24 months. The activities involved encompass design management, planning, contractor supervision, marketing, and sales of the units. The financial arrangements include direct and indirect costs, as well as financial entitlements for the company during the project's execution. Additionally, the agreement includes a related party component, as one of the company's board members, AbdulSalam Al-Majid, Chairman of the Board and Vice President, is a party to it. He also serves as a board member of Jada'ee Al-Majidiyah Real Estate Fund.
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