Jabal Omar Development Co. said it sold 12 out of 23 residential units at its Makkah-based project for SAR 161.6 million on the first day of a public auction.

 

The average sale price stood at SAR 96.08 thousand per square meter. The remaining units will be auctioned off on Thursday, the listed developer said in a statement to Tadawul, Saudi Arabia’s bourse.

 

The sale proceeds will be used for completing phase I of the residential project. The company sees a positive financial impact on the equities of shareholders by this year.

 

Jabal Omar earlier announced its plan to sell some villas and units in the S1 area of the project, according to data available on Argaam. At the end of 2013, the board proposed selling some villas, studios, and residential units in auctions. 

 

Sales of S1 area in Makkah project – Jabal Omar

Dates

Sold units

Total price (SAR mln)

Average price/sq. m (SAR thousand)

Sold June 4, 2014

8

320.5

122.4

Sold June 5, 2014

12

463.4

139.9

Sold March 4, 2015

12

161.6

96.08

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