Tharwa Saudi sells plots for $58m
Dammam, April 22, 2012
Tharwa Investment Company’s Saudi unit sold 44 plots for over SR220 million ($58.7 million) in the Dhahran Views project at an auction recently.
The company announced today that it had deposited the final payments for the exits of the Shariah-compliant Dhahran real estate portfolio into the clients’ accounts, recording overall returns of 37 per cent, it said.
Mohammed Saud Al-Osaimi, executive vice president, investment banking, said Tharwa Saudi Arabia (subsidiary) held a public auction in December 2011 for the master plan of the Dhahran Views project which is located on King Abdullah Road.
Al-Osaimi said the volume of sales reached more than SR220 million on a total area of about 130,000 sq m. Plots which were put up for sale at the auction included 35 investment plots and 8 commercial plots, in addition to a premium central plot of an estimated area of 40,000 sq m.
Al-Osaimi stressed that exiting from the Dhahran Real Estate portfolio was a great success for the company under the current circumstances, and given the repercussions of the global financial crisis which heavily impacted the real estate sector in all countries of the world.
"Saudi real estate market is the best choice for investment in the region due to the great demand and our experience in the Dhahran Views project is the best evidence of that as this has been the first real estate exiting project carried out by Tharwa which always aspires to achieve the best financial results for our customers," Al-Osaimi said. - TradeArabia News Service