Saudi Arabia’s Jabal Omar Development Company (JODC) extended an agreement on August 30 to sell new residential units for five more months, Invest-Gate reports.
The company extended a memorandum of understanding (MoU), signed last April, with custodian Albilad Capital to sell 93 units in Jabal Omar’s phase 2 through a real estate investment trust (REIT).
The MoU was renewed for five months until January 22, 2018 with the same terms and conditions, a statement by JODC read.
The renewal will enable the company to complete the due diligence and obtain all the required regulatory approvals for the deal. The regulatory requirements are likely to be completed by the end of this year.
The company expects a positive financial impact from this deal on its revenues and shareholders’ equity, the statement added.
The developer’s flagship project, Jabal Omar, is within walking distance of the Holy Mosque in Mecca. It includes commercial malls, residential units and hotels over an area of 230,000 square meters.