Sale of Delinquent Real Estate Contributions to Begin in 5 Regions of the Kingdom
Riyadh—Follow-up
In preparation for restoring shareholders« rights following years of non-performance by a number of real estate investment projects, the Real Estate Investment Committee at the Ministry of Commerce and Industry will hold five public auctions in the coming period to sell land from non-performing real estate investment projects that the committee is currently liquidating in the regions of »Riyadh, Al-Qassim, Makkah Al-Mukarramah, the Eastern Province, and Asir,«
The committee stated that the real estate contribution plots to be auctioned include »Al-Shallala« land, owned by the Badr Commercial Corporation in downtown Riyadh; two farms owned by the »Tamoor Al-Mamlakah« contribution in Al-Bada’i Governorate; as well as the »Al-Khadra Project« in Makkah, owned by the Arabian Peninsula Joint Stock Company; the »Al-Rafiah Utilities« joint stock company in Dammam; and the »Fajr Abha« joint stock company land, owned by the Fajr Office for Real Estate Development and Investment on Al-Sawda Road in Abha.
The committee announced that it has approved a plan for public auctions to be announced sequentially, beginning with the »Al-Shallala Land« project next weekend in Riyadh to sell 106 residential and commercial lots covering an area of more than 95,000 square meters, stretching 125 meters along Al-Madinah Al-Munawwarah Road. It also reported that an auction will be held for two farms belonging to the »Tamoor Al-Mamlakah« to sell the Tamoor Al-Mamlakah farm, with an area of (4,694,910) square meters, and the Al-Salahiyah farm, with an area of (992,700) square meters, while the area of the »Fajr Abha« joint-stock land is (22,676) square meters, located on the Abha-Al-Sawda Road.
It noted that among the joint ventures currently being liquidated is the Al-Rafiah joint venture in Dammam, where a public auction is being held to sell a number of remaining educational, health, and commercial facilities within the development, covering an area of (39,778) square meters, while another public auction will be announced for the »Al-Khadra« development to sell a number of residential and commercial plots in the Al-Khadra development in Makkah.
Meanwhile, the Real Estate Contribution Committee announced that it has begun accepting direct purchase offers for a number of contribution plots, including the »Shaza Al-Qunfudhah Contribution Plot,« the »Durrat Abha Contribution Plot,« and the »Future Plan” contribution land in Al-Kharj. It stipulated that a letter of intent for direct purchase must be submitted, including the total value and price per square meter of the area offered for sale, along with a check for 5 percent of the offer’s value.
