BlomInvest Saudi Arabia has managed, in no more than seven months, to finalize the liquidation of Blom Al Sharq Real Estate Fund, achieving an overall return of 14.44% for the period since its inception and till the date of its liquidation. It’s worth mentioning that the fund original size was SR87m.
Incepted in early July of last year, Blom Al Sharq Real Estate fund was basically established for the purpose of purchasing raw land in AlMunsiah district, North-East Riyadh with a total land area of 99,106 m2. The fund objective was to obtain the necessary development licenses then develop the land and divide it up into residential and commercial plots according to the regulatory requirements. Developed land would then be sold to the market as a final product. In this regard, all necessary licenses were obtained, executive plans were approved, contracts with basic contactors were signed and implementation of development works was started.
Eng. Abdullah AlRashoud, BlomInvest Saudi Arabia Chief Executive Officer, stated that the Fund board has decided to liquidate Blom Al Sharq Real Estate Fund before its due time as the entire project lands were sold in record time to investors in the real estate market with the very rewarding return of 14.44% on the first investment launched by the fund. The CEO further pointed out that BlomInvest company success in liquidating the real estate fund and achieving a rewarding return to the fund investors can definitely be attributed to the company keenness on each and every detail in managing the project.
AlRashoud explained that selling the entire project lands in record time to investors in the real estate market reverts to the project site advantages in terms of being close to Princess Nourah Bint Abdulrahman University and Imam Muhammad Bin Saud Islamic University and for also being near to King Khaled International airport. Moreover, the project is located in an area of medium population density and urban extension to the neighboring residential districts, besides to being close to Al-Thumama district which represents a recreational outlet for the city of Riyadh.
Badi Al Badran
MPR Public Relations & Marketing Communications Consultancy
T: +966 1 455 4033 Ext:222