Jabal Omar sells land plot in its project located in Makkah for SAR 521.17 million

Jabal Omar Development Company signed a contract to sell a land plot with a total area of 3,065.74 sqm located within its project in Makkah at a value of SAR 521.17 million, in addition to the buyer bearing the real estate transaction tax and brokerage fees. The deal’s purpose is to execute the company’s plans for financial restructuring and completing the construction work of the outstanding phases.

The company stated on Thursday on Tadawul that Asset Book Value is SAR 130.7 million including development value.

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

The sale proceeds will be used to complete the construction works for the project phases.