Jabal Omar Development Co. plans to auction in June 4 and 5 as many as 20 units in its projects in Makkah, a decision that was recommended by its board late last year, the company said in a statement to the Saudi bourse, Tadawul.
The financial impact of the sale will be announced in the future.
The developer, which is 9.4 percent owned by the Saudi General Organization for Social Insurance (GOSI), will sell 18 villas and studios and two penthouses in towers H6 and H7 in area S1 in Ibrahim al-Khalil Street. The total sold area is about 5,932 square meters.
Terms of the auction will be released on May 18 and the auction will take place in Hilton Makkah.
Jabal Omar is engaged in developing and constructing the Jabal Omar area near the western side of the Grand Mosque in Makkah. It also rents and manages other premises in the area.
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