“Asas Makin” receives invoices for white land fees amounting to 8 million riyals
Asas Makin Real Estate Development and Investment Company has received 9 invoices for white land fees to date, with a total value estimated at approximately 8 million riyals.
The company said in a statement on its website "Saudi Arabia trading": The fees relate to lands located within the geographical scopes specified for the program.
The company noted that the invoice amounts are recorded within the company’s financial obligations in accordance with the approved accounting standards. Given the size of these fees compared to the company’s portfolio and assets, the company does not expect a material financial impact on its financial position. These obligations will appear in the financial statements for the relevant period.
The lands subject to the invoices include plots located in the city of Riyadh within the geographical scope declared for the application of fees, and they are included in the company’s future development plans, and work is underway to complete the necessary development requirements in accordance with the relevant regulations and instructions.
It should be noted that among these invoices are (3) invoices with a total amount of (1,098,151) riyals pertaining to projects for which occupancy and building completion certificates have been issued, in addition to (6) invoices. A total amount of (6,908,918) riyals was issued due to an obstacle preventing the issuance of the necessary licenses and approvals to develop or build the land.
She explained that given that these lands are under development, and the company believes that they do not fall within the definition of “white land” contained in the executive regulations, the company intends to file an objection to these invoices within the regulatory period (60 days from the date of notification, according to what the Ministry of Municipal Affairs and Housing stated in its statements), and will follow up on legal procedures in this regard.
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