PHOTO
Makkah, KSA: Jabal Omar Development Company (JODC) (Tadawul: 4250), one the largest real estate developers in Saudi Arabia, today announced it has sold a parcel of land within its project via a public auction for SAR 517 million.
The proceeds from the strategic land sale will enable the Company to progress with the completion of construction of Phase 4 of its masterplan and is in line with the developer’s holistic financial transformation strategy that seeks to strengthen its capital structure.
The land plot, with a total area of 2,600.32 sqm, was sold at SAR 199,000 per sqm.
Khalid Al Amoudi, CEO of Jabal Omar Development Company, said:
“The successful outcome of the auction is testament to investors’ confidence in the long-term viability and scalability of Jabal Omar’s masterplan and proves that there is strong appetite for investment in residential, commercial and hospitality properties in Makkah. While this strategic land sale will enable us to move forward with the completion of the critical phases in our project, it will also fast-track the development of the areas in proximity to the Grand Mosque, one of the busiest and highly demanded areas in Makkah during the Hajj and Umrah season.”
It should be noted that the plot sold is infrastructure-enabled and fully developed, located within close proximity to the Grand Mosque, making it one of the most highly sought-after areas in Islam’s holiest city. This land plot has easy access to the main roads in central Makkah, can be used for the development of residential, commercial and hospitality properties.
Jabal Omar appointed Adeer, a Saudi-based real estate service provider, to act as its real estate broker to manage the sale.
-Ends-
Contact:
Brunswick Group
Celine Aswad / Ikram Yacoub
jodc@brunswickgroup.com
WhatsApp +966-507-344-898
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
