“Lamasat”: Purchasing two plots of land for 11 million riyals to establish a new branch in Riyadh
Lamasat Company announced the purchase of two residential/commercial plots of land in the Al-Arid neighborhood, plot No. (13 + 14) of plan No. 3158 in the city of Riyadh, with a total area estimated at 923.42 square meters.
According to the company’s statement on the website "Saudi Arabia trading"This comes to expand its investments by establishing a new branch affiliated with the company, and this investment is part of the company’s strategic plan, which aims to expand, grow, and seek to achieve revenues for shareholders.
The value of the deal is about 11.08 million riyals, while the buyer bears other expenses recognized according to the system in addition to the value of the basic deal, which are as follows:
1. Paying the real estate transaction tax for both lands in accordance with the regulations, amounting to 554,052 riyals.
2. Real estate evaluation from a certified valuer in the amount of 1725 riyals.
3. Change of ownership and real estate registration in the amount of 1887.50 riyals.
The total amount borne by the buyer is (557,664.5) riyals added to the value of the deal.
It stated that the seller: Style Real Estate Development Corporation, noting that the deal will be financed through the proceeds of the offering.
It explained that the deal is for the purpose of establishing a new additional branch of the company in the city of Riyadh.
It expected that This deal contributes to the growth of revenues and returns over the coming years when the project is completed and operational.
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