MAKKAH — Jabal Omar Development Company (JODC), one the largest real estate developers in Saudi Arabia, announced it has sold a parcel of land within its project via a public auction for SR517 million.

The proceeds from the strategic land sale will enable the company to progress with the completion of construction of Phase 4 of its masterplan and is in line with the developer’s holistic financial transformation strategy that seeks to strengthen its capital structure.

The land plot, with a total area of 2,600.32 sqm, was sold at SR199,000 per sqm.

Khalid Al Amoudi, CEO of Jabal Omar Development Company, said: “The successful outcome of the auction is testament to investors’ confidence in the long-term viability and scalability of Jabal Omar’s master plan and proves that there is strong appetite for investment in residential, commercial and hospitality properties in Makkah.

“While this strategic land sale will enable us to move forward with the completion of the critical phases in our project, it will also fast-track the development of the areas in proximity to the Grand Mosque, one of the busiest and highly demanded areas in Makkah during the Hajj and Umrah season.”

It should be noted that the plot sold is infrastructure-enabled and fully developed, located within close proximity to the Grand Mosque, making it one of the most highly sought-after areas in Islam’s holiest city.

This land plot has easy access to the main roads in central Makkah, can be used for the development of residential, commercial and hospitality properties.

Jabal Omar appointed Adeer, a Saudi-based real estate service provider, to act as its real estate broker to manage the sale. — SG