Lamsat acquires 2 land plots in Jeddah for SAR 7.4M

Lamasat Co. purchased the two plots for residential and commercial purposes

Lamasat Co. purchased two land plots for residential and commercial purposes in Jeddah for SAR 7.4 million, according to a statement to Tadawul.

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Ahmed Hassan Abdullah Faqih sold Plot No. 41 and 42 from Plan No. 3/505T in the Obhur Al Shamaliyah district for SAR 6.9 million. Customary transaction costs as per regulations brought the total value to SAR 7.4 million.

The additional costs include SAR 172,000 in brokerage commission, SAR 345,000 in real estate transaction tax and SAR 517,000 in total additional costs borne by the buyer.

The deal aims to establish a new branch for the company in Jeddah, the statement said, adding that this investment is part of the company’s strategic plan, which aims to achieve expansion and growth.

The deal was financed through the proceeds of the offering.

This investment will contribute to the growth of revenues and returns in the coming years when the project is completed and operational.

There are no related parties to the deal, the company said, adding that it will announce any further developments in this regard later.