(MENAFN- Gulf Times) Barwa Real Estate Company has made capital gains of SAR46mn through the sale of a land plot in Saudi Arabia. Barwa announced the completion of the execution of the sale agreement of the plot owned by Wahat Al-Riyadh Real Estate Company (wholly owned by Barwa Group) and registration of the same to the buyer at the notary public in Saudi Arabia, after fulfilling the terms and conditions of the sale agreement.
Accordingly, Wahat Al-Riyadh Real Estate Company received SAR712.38mn as the rest of the land price. It had previously received SAR30mn as a deposit for the transaction. The total sale price amounted to SAR742.38mn.
The group had purchased this land, spanning an area of 2.22mn sqm, in 2016 for SAR659.28mn. It incurred expenses towards land development plans, besides financing costs and expenses of the sale transaction.
"It is estimated that the net selling profit resulting from the transaction will amount to SAR46mn," Barwa said, adding this would enhance the cash position of the Barwa Group so that it can meet its obligations and support development plans.
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