Al Akaria completes purchase of undeveloped land plot in Riyadh for SAR 783 mln

Logo of Saudi Real Estate Co.

Saudi Real Estate Co. (Al Akaria) completed the purchase of an undeveloped land plot in east Riyadh for SAR 782.98 million, the developer said in a bourse filing today, Jan. 24.

The total purchase value included land cost of SAR 727.09 million, real estate tax of SAR 36.35 million, and broker commission with tax of SAR 19.54 million.

In January, the developer announced the purchase of an undeveloped land plot in east Riyadh from Ofoq Al-Qadisiyah Real Estate Co. for SAR 727.09 million, excluding the real estate transaction tax and broker commission, Argaam reported.

On Jan. 23, Al Akaria announced obtaining Shariah-compliant banking facilities (bridge financing) worth SAR 400 million from Bank AlJazira to finance part of the purchase value of the raw land.

The 1.91 million square meters land plot will be developed and sold later to be utilized in real estate projects, which will boost the company’s operating revenue and assets.