News Details

Barwa Real Estate Group announces completion of the execution of the Sale Agreement of Janadriyah Land in Riyadh-KSA

Barwa Real Estate Group announces completion of the execution of the Sale Agreement of Janadriyah Land in Riyadh-KSA

25/08/2021
Barwa Real Estate Company announced completion of the execution of the Sale
Agreement of the plot of land owned by Wahat Al-Riyadh Real Estate Company
(entirely owned by Barwa Group) and registration of the same to the buyer at the
notary public in KSA, after fulfilling the terms and conditions of the sale
agreement and paying the rest of the land price, where Wahat Al-Riyadh Real
Estate Company received an amount of 712,380,097 SAR being the rest of the
land price.
As previously announced, the total sale price amounted to 742,380,100 SAR
(seven hundred forty-two million, three hundred eighty thousand and one hundred
Saudi Riyal), excluding the real estate tax which was borne by the buyer, and the
company previously received an amount of 30 million SAR as a deposit for the
transaction.
It is noteworthy that the land in question was purchased in 2016 for the total area
of 2,216,060 m2 and total value of 659,277,850 SAR, and the company incurred
other amounts spent on land development plans, in addition to the financing costs
and expenses of the sale transaction. It is estimated that the net selling profit
resulting from the transaction will amount to 46 million SAR. It is targeted that
the sale price will enhance the cash position of Barwa Group so that it can meet
its obligations and support development plans of the Group as well.
It is to be noted that there is no conflict of interests between the contracting parties
to this transaction.

​​​​​​​​​​​​

Sign In

All fields with (*) are mandatory
Username *
Password *
 
 

Send To Friend

All fields with (*) are mandatory
Your Name *
Your Email *
Your Friend Email *
You can enter more than friend's email separated by " ; "
 

Alerts and Notifications

All fields with (*) are mandatory
Alert Title *
Alert Email *