Jabal Omar Development Company (JODC), one the largest real estate developers in Saudi Arabia, on Thursday announced it has sold a parcel of land within its project via a public auction for SR517 million ($138 million).
The proceeds from the land sale in Makkah will enable the company to progress with the completion of construction of phase 4 of its masterplan.
The developer added that the sale is in line with its holistic financial transformation strategy that seeks to strengthen its capital structure.
The land plot, with a total area of 2,600.32 sq m, was sold at SR199,000 per sq m.
Khalid Al Amoudi, CEO of Jabal Omar Development Company, said: “The successful outcome of the auction is testament to investors’ confidence in the long-term viability and scalability of Jabal Omar’s masterplan and proves that there is strong appetite for investment in residential, commercial and hospitality properties in Makkah.
“While this strategic land sale will enable us to move forward with the completion of the critical phases in our project, it will also fast-track the development of the areas in proximity to the Grand Mosque, one of the busiest and highly demanded areas in Makkah during the Hajj and Umrah season.”
The plot sold is infrastructure-enabled and fully developed, located within close proximity to the Grand Mosque, making it one of the most highly sought-after areas in Islam’s holiest city, the statement added.
Jabal Omar Development Company’s flagship project, Jabal Omar, is a multi-use real estate mega development project within a walking distance of The Grand Mosque of Makkah.
Follow us on
