Al Akaria sells SAR 137.3 mln land, expects SAR 121.9 mln profit

08/12/2021 Argaam

Logo of Saudi Real Estate Co.

Saudi Real Estate Co. (Al Akaria) sold, on Dec. 7, residential and commercial land plots located in Al-Malqa district, Riyadh, at a total value of SAR 137.34 million, excluding real estate transaction tax, the company said in a statement to Tadawul.

 

The buyers are Al-Dar Investment Fund 2, represented by Al-Enshaa Real Estate Co., along with First Avenue for Real Estate Development Co. and Al-Rabei Jaddah Real Estate Co.

 

The book value of the sold land plots stood at SAR 15.48 million.

 

Al-Akaria expects to realize profit of SAR 121.9 million, which will reflect on Q4 2021 financial results.

 

The sale transaction was aimed to achieve an investment return, Al Akaria added, noting that it was considering the deal value compared to the land plot costs (book value).

 

The sale proceeds will be used to support ongoing and future projects, in line with the company’s new investment strategy, the statement concluded.

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