KFH achieves KD 13m profit from selling plots at Funaitis

October 30, 2013 9:24 am

Chief of Operations at Kuwait Finance House (KFH) Anwar Al-Ghaith said that KFH managed to sell all plots offered during the auction it organized yesterday. with a profit of KD 13 million, which will be added to the bank’s budget for Q4 of this year.

Al-Ghaith explained in a press release that The area of each plot is 500 meters The auction was attended by many citizens, merchants, and real estate investors. The auction was very transparent and competitive, since the pieces of land were premium.

Moreover, Al-Ghaith stated that the selling process comes as part of KFH’s strategy that focuses on achieving sustainable profit, offer better returns through investing in diverse high quality assets, and the restructuring of KFH’s real estate portfolio, based on the market’s current and expected developments.

He stressed that good real estate investments owned by KFH are reinforced by paradigm assets that contribute to the bank’s profit through achieving good returns. He went on to say that KFH continues to seize best real estate investment opportunities while maintaining high income paradigm real estate, in order to achieve best returns, and take advantage of market developments and the increase in rates of some sectors.

Furthermore, Al-Ghaith noted that organizing this auction publicly and posting an advertisement in the newspapers beforehand, played a role in cementing KFH’s credibility and status in the real estate market, while achieving all sales objectives successfully. He added that KFH increases the number of opportunities for individuals and companies interested in real estate investments through offering such prime pieces of land in public auctions.