Riyadh — Mubasher: Hamad Mohammed Bin Saedan Real Estate Company signed a turnkey construction contract with Abaad Al Memar Contracting for the development of its HS Residences 2 project.
The contract is valued at SAR 19.78 million, excluding value-added tax.
The project, located in the Al Arid district of Riyadh, covers a total land area of 6,030 square meters. Under the terms of the agreement, Abaad Al Memar Contracting will execute the construction of modern residential units designed to optimize space and privacy.
The contract duration is set for 12 months, following the initial award of the project on 4 August.
Hamad Bin Saedan Real Estate stated that the development is part of its broader strategy to establish sustainable residential communities in high-growth locations.
The company expects the financial impact of this project to be reflected in its financial results during the third quarter (Q3) of 2027.
At the end of June 2026, the listed company’s net profits jumped by 96.10% to SAR 12.13 million from SAR 6.19 million a year earlier.
