Abu Dhabi – Mubasher: Ishraq Investments announced today, Tuesday, to its shareholders, a sale and purchase agreement with Danube Properties for the sale of two plots of land within Jumeirah Village Circle, which was previously announced.
On October 6, 2022, Ishraq announced the sale of two plots of land in Jumeirah Village Circle in Dubai to Danube Properties at a basic price of 33.1 million dirhams, in addition to an annual profit and additional payments due to Ishraq linked to the profits of the project, according to a press release. .
And “Danube Properties” recently announced the sale of all units of its project in the aforementioned two lands, at a value of 550 million dirhams, and it expects to hand it over by December 2025.
The project benefited from the increasing demand for low-priced residential properties in the UAE, and succeeded in attracting the interest of investors, buyers and brokers since the day it was launched.
With this sale, Ishraq removes the collection risks associated with the sale, and confirms its commitment to providing the best value to its shareholders by entering into partnerships with reliable real estate developers in the UAE.-
It also constitutes an advanced step in implementing the company’s plan to monetize its land portfolio, which was approved by its board of directors on September 2, 2022.--
Ishraq aims to fully liquidate its land portfolio over the next three years through sales or the introduction of partners to develop real estate and then sell it.
To trade and invest in Gulf stock exchanges, click here.
Report: Top 10 information about AI data, the newcomer to the Abu Dhabi Stock Exchange