First Avenue signs SAR 57M real estate brokerage agreement

First Avenue for Real Estate Development Co. signed a real estate brokerage agreement worth SAR 57 million, excluding value-added tax, with La Perle Real Estate Fund on Jan. 23.

In a statement to Tadawul, First Avenue said that the 30-day contract stipulates brokerage fees payable upon signing and property transfer.

The deal is expected to generate positive financial returns in 2025. It aims to enhance the company’s real estate brokerage activity, the statement added, noting that there are no related parties involved.