Jabal Omar transfers Makkah land sale contract to Bawabat Asas Azhar

Jabal Omar transfered of the sales contract of a land plot within its project in Makkah to Bawabat Asas Azhar Co.

Jabal Omar Development Co. announced the transfer of the sale contract of a land plot within its project in Makkah, at the request of the buyer, from Azhar Co. to Bawabat Asas Azhar Co.

In a statement to Tadawul, the company said that Bawabat Asas Azhar was established through Al Rajhi Capital for the purpose of completing the acquisition of the land through a private real estate fund.

According to data available on Argaam, Jabal Omar signed, in March, a contract to sell a 6,001-square-meter land plot within its Makkah-based project for SAR 1.14 billion, with the buyer bearing the real estate transaction tax and brokerage fees.

The land's book value amounted to SAR 255.93 million, including development costs. The land sale proceeds would be used to repay an existing loan and fund this in-progress project, confirming that no related parties are involved in the deal.

In August, the developer amended the sale price from SAR 1.14 billion to SAR 1.16 billion, an increase of SAR 21 million, due to extending the period required to complete the sale transaction, as requested by the buyer.