Jabal Omar ends auction with 22 residential units sold for SAR 280.4 mln

Jabal Omar Development Co. sold 22 residential units after its two-day auction, bringing its total proceeds to SAR 280.4 million.

The company auctioned off 10 residential units on Thursday at its Makkah-based project for SAR 118.8 million. On the first day of its public auction on Wednesday, the developer sold 12 units for SAR 161.6 million.

The company sold a total of 2,904 square meters, as the average daily price stood at SAR 96.56 thousand per square meter.

Jabal Omar pointed out that one remaining unit will be sold at a later date.

Sale proceeds will be used to complete phase I of its development project. The bourse-listed developer expects to see a positive financial impact on the equity of shareholders this year.

Jabal Omar announced its plans to sell some villas and units at its S1 area project in Makkah, Saudi Arabia. At the end of 2013, the board proposed selling some villas, studios, and residential units in an auction.