Saudi-based Jabal Omar Development Company announced the signing of an agreement with Durat Taibah Investment Company for the sale of a prime plot of land located within its project in Makkah city.
The parcel of land, spanning a 7,503.37sq m area, was sold for $359m (SR1.35bn), the company said in its filing with KSA bourse Tadawul.
The sales proceeds will be used for paying off loans and funding existing projects, it added.
Saudi real estate
The deal comes just days after Jabal Omar had completed the sale of a similar plot within its Makkah development.
The 5,649sq m parcel of land was snapped up by an investor Hamad Bin Abdullah Al Mohaissin for SR1.1bn.
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