JAZAN DEVELOPMENT SELLS TWO PIECES OF LAND AT SAR 222 MILLION

29/05/2013 Argaam

Jazan Development Company (JAZADCO) announces the sale of two pieces of land at Makkah on 19/7/1434H corresponding to 29/5/2013 of a total area of 34,253.38 Sqm to a Real Estate Investor.

 The total land area was sold for SR 6,481 per Sqm and the total revenue generated from the transaction is SR 222,000,000 realizing a net profit of SR 141,000,000.

The transaction will be reflected in the 2nd quarter 2013 financial results and the money generated will be used to finance the company's under construction real estate projects and to meet other commitments. 

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