Jabal Omar sells land plot in Makkah for SAR 521.2 mln

20/07/2023 Argaam

Jabal Omar sells land in Makkah for SAR 521.2 mln

Logo of Jabal Omar Development Co.

Jabal Omar Development Co. signed a contract on July 19 with Areeb Advanced Real Estate Co. to sell a land plot spanning 3,066 square meters (sqm) within the former's project in Makkah.

 

In a Tadawul statement, Jabal Omar stated that the deal is valued at SAR 521.2 million and that the buyer will bear the real estate transaction tax and brokerage fees.

 

The asset book value is SAR 130.7 million (inclusive of development value), the statement added.

 

The deal is expected to have a positive impact on the company's financial results after the completion of the land deed transfer.

 

The sale aligns with the company's plans for financial restructuring and the completion of construction in the existing phases. The sale proceeds will be used to finalize construction work.

 

There are no related parties to the contract, Jabal Omar added.

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