Alandalus Property signs SAR 131 mln contract with AlAhli REIT 1 for parking lots expansion

Alandalus Property headquarters

Alandalus Property Co. inked, on Dec. 14, a contract with AlAhli REIT Fund 1 to build and expand parking lots at Alandalus Mall in Jeddah, at an estimated value of nearly SAR 131 million, according to a bourse filing.  

The company’s fees account for 10%, or not more than SAR 11.5 million, of the development cost.

Under the development contract, Alandalus Property will undertake building as well as expanding parking lots at Alandalus Mall in Jeddah through qualified contractors over a period of 130 weeks from the contract signing date.

The contract is forecast to reflect positively on the company’s financial results over the coming period.

AlAhli REIT Fund 1 is a related party.

In October 2020, Alandalus Property signed a sale contract to sell a land plot (B/3) to AlAhli REIT for SAR 43.51 million, Argaam reported. The land is located beside Alandalus Mall in Jeddah, with a total area of 9,669 square meters.