Riyadh - Mubasher: Saudi Real Estate Company ( Aqaria ) announced the sale of 17 plots of land through an electronic public auction last Thursday, for a total value of SAR 145.15 million, excluding real estate transaction tax and endeavour.

The company explained in a statement on Sunday on "Tadawul" that the total area of the lands is 43,290 square meters within the suburb project, which the company developed in the Al-Ramal neighborhood in Riyadh.

She added that the buyers are Al-Mu'tamadah Qait Real Estate Development and Investment Company, Ali bin Abdulrahman bin Ali Al-Sinan, Haifa Misfir Sulaiman Al-Misfir and Ahmed Abdullah Hamad Al-Hunaitah.

The company said that the deal is expected to have a positive impact on the company's financial results after the completion of the sale process in favor of the buyers, noting that there are no related parties.

She indicated that its book value amounts to 19.41 million riyals, noting that the proceeds from the sale will be used to finance the company's future projects.

She added that the process of divesting the lands, which were classified as non-core lands, is a strategic step in line with the company’s strategy approved in 2023, which focuses on maximizing shareholder returns, diversifying sources of income, and achieving a balanced and healthy capital structure.

She noted that divesting these lands is one of the main enablers for achieving these strategic goals, by providing the necessary liquidity to launch new development projects that contribute to achieving the strategic targets.