MCI Real Estate Shareholding Commission is holding a public auction today afternoon, Sunday 12/11/1435 AH for the sale of three undeveloped lands belonging to the shareholdings of (Fajr Abha-Dourrat Abha) at the Ceremonies Hall in Abha Palace Hotel, Abha. This is within the work being done by the above mentioned commission to liquidate the Real Estate shareholdings to implement the Resolutions of the Council of Ministers stipulating the liquidation of the Real Estate Shareholdings and to return the rights of the shareholders.
The Commission pointed out that the auction will be held for the sale of a piece of land belonging to the shareholding of Fajr Abha with an area of (22,676) square meters, and it is distinguished by its unique location on the most important tourist routes in Abha District, which is Al Souda Road, near the tourist centers and resorts. The land is one of the most suitable sites for the establishment of a project with integrated services and variety of uses for its proximity to the residential areas and it is considered as an extension to the tourism projects in the district, where it is just about 5 km from the city center. In addition, the land is very suitable for such projects.
Two lands also will be introduced in the auction belonging to the shareholding of Dourrat Abha, with a total area of (199.683) square meters, both in one legal instrument,each piece of land is about one hundred thousand square meters, and its instrument is convertible to residential area because the land is within the urban boundary of the city and it is near to the current residential quarters, such as the Model Employees Quarter. The land location mediates the road between the cities of Abha and Khamis Mushat, west of Abha Airport.
To engage in the auction, the commission requested writing a check under the name of the Real Estate Shareholding Commission by 90% of the value of the land, and when the sale is due and final, the buyer will write another check for 2.5% , the rest to be paid upon the transfer of ownership at the Notary, the sale would not be completed, only with the attendance of the buyer in person or his legal representative.
It is worth mentioning that the above mentioned Commission will continue its work and efforts( by the help of Allah) in collaboration with all concerned authorities to implement the Cabinet Resolution stipulating that such commission should take over the tasks of liquidating the stumbled Real Estate Shareholdings. Therefore, the said Commission has just announced holding another auction next week for selling the shareholding lands of Um Al Ma`an in Taif, and Shaza Al Qunfudah in Al Qouz, to be held on Sunday afternoon 19.11.1435 AH at the Intercontinental Hotel in Taif, this is for giving back the rights and entitlements of the shareholders.