Barwa Real Estate Company has announced the extension of the sale agreement to sell the land plot owned by Wahat Al-Riyadh Real Estate Company, its wholly owned entity, for additional 50 days.

The agreement shall be extended and all its terms and conditions shall remain in full force and effect, provided that the sale process is completed and registered with the notary upon fulfilling all the terms and conditions of the agreement and paying the rest of the sale price within a period not exceeding 50 days from the date of signing the sale agreement extension, it said in a communique to the Qatar Stock Exchange.
Wahat Al-Riyadh Real Estate Company received an amount of SR30mn as a deposit for sale. The total sale price is SR742.38mn, excluding real estate transfer tax.
The land was purchased in 2016 for a value of SR659.28mn, along with the other costs associated with land development as well as financing.
Al financial terms of the agreement, its financial impact and the estimated amounts of profits generated from the sale transaction will be announced after the sale is completed and the land is evacuated for the buyer. This will allow the company to precisely calculate all costs and expenses related to the land.
"There is no conflict of interest between the contracting parties and that the extension of the contract term has no impact on the company's financial statements," a Barwa spokesman said.