Jabal Omar sells land in Makkah for SAR 521.2 mln

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 the buyer will bear the real estate transaction tax and brokerage fees.

The asset book valueis 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 aims to execute the company's plans for financial restructuring and completing the construction work of the outstanding phases

Source : Argaam