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Cenomi Centres Company has completed the sale of a vacant land plot for 700 million Saudi riyals ($186.14 million) to Sumou Real Estate Company, the company said in a statement to the Saudi stock exchange.
This is the second transaction of its SAR 2 billion ($532 million) non-core asset land sale programme.
The 115,094.89 square metre plot is located in Al-Raed district of Riyadh and adjacent to the company’s new flagship project, Jawharat Al-Riyadh.
Under its non-core asset land sale program, the company earlier sold a 17,733 sqm plot in Olaya district, Riyadh, for SAR 230.5 million.
Cenomi Centres said that studies indicated that the land plot was best suited for residential or office developments and does not support its strategic expansion plans of developing lifestyle destinations.
(Writing by D Madhura; Editing by Anoop Menon)
