Al Hammadi sells Riyadh land for SAR 124.6M

Al Hammadi Holding Co. completed on June 12, all the procedures for selling the 35,600 square meter (sqm) land plot in Al Rayyan District.

The company said in a statement to Tadawul that it received the full price of SAR 124.6 million (not including the real estate transaction tax or the brokerage fees).

The financial impact is expected to appear in Q2 2024, the statement said, noting that the book value is SAR 69.33 million.

According to data compiled by Argaam, Al Hammadi announced in April that it sold a vacant land plot in Riyadh, for SAR 124.6 million.

The deal stated that the buyer must make a non-refundable down payment of SAR 2.49 million and undertake to settle the remaining balance of SAR 122.1 million by June 13, 2024.