Barwa Real Estate Company announced yesterday the signing of an agreement to sell the plot of land owned by Wahat Al-Riyadh Real Estate Company “wholly owned by Barwa Group”, provided that the sale process is completed and registered with a notary upon fulfilling all the terms and conditions of the agreement and paying the rest of the sale price within a period not exceeding 90 days from the date of signing the agreement, which saw Barwa receive the first payment on the sale price calculation.
The total sale price is SAR742,380,100, excluding real estate disposal tax. All financial terms of the agreement and its financial iWmpact will be announced upon completion of the sale. The Group purchased this land in 2016 for a value of SAR 659,277,850. Barwa Real Estate spent on the land for different purposes including land development costs and financing costs.
Barwa Real Estate will announce estimated amounts of profits generated from the sale transaction, after the sale is completed and the land is emptied for the buyer, in order to be able to calculate all costs and expenses related to the land.
