Cenomi Centers explains reasons behind changing Raseel Al-Ahsa land buyer

Logo of Cenomi Centers

Arabian Centres Co. (Cenomi Centers) said that it wished to collect 50% of the sale value of Raseel Al-Ahsa land in Granada District, Al-Ahsa upon signing the contract, so it offered a discount of SAR 3 million to the buyer. 

In a statement on Tadawul, the company noted that the contract stipulated that the value of the transaction should be collected within 120 days. 

However, the previous potential buyer, Abdullah Al-Tamimi, was unable to pay the advance. 

Accordingly, he nominated a new buyer, Halat Real Estate Co. (a sole proprietorship), represented by Nahid Al-Jabr, who fulfilled the company’s request, paid the required advance, and signed the sale contract. 

The sale price was reduced from SAR 65.5 million to SAR 62.5 million (excluding real estate transaction tax and brokerage fees), the statement added. 

In September, Cenomi Centers announced the completion of selling a land plot located in Granada District, according to data compiled by Argaam. 

Afterward, the company said the land buyer waived the purchase to Halat Real Estate, and the sale value was decreased by SAR 3 million to SAR 62.5 million.