Saudi Oger land plot in Riyadh sold at over SAR 1 bln

Al-Dara Real Estate Development Co. won, in the elite auction of ‘Hattin Palaces’ on March 31, 2021, a land plot owned by Saudi Oger Ltd., in Hattin neighborhood, northwest of Riyadh.

The plot, which spreads 484,900 square meters (sqm), was sold at a price of SAR 2,010 per sqm, for a total of SAR 1.051 billion, while the value of the land was estimated at SAR 1.023 billion, including real estate tax.

The Commercial Court in Riyadh decided to liquidate Saudi Oger and implement all articles of the bankruptcy law, to satisfy creditors’ claims amounting to SAR 21 billion.