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Dalqan Real Estate Company KSCP has signed a preliminary sale agreement for two properties located in Mahboula, Kuwait, with each property valued at KD 1.3 million. The company expects the sale of Property 202 to generate a gain of KD 248,000, while the sale of Property 203 is expected to result in a gain of KD 234,000. The transactions are subject to completion of the required procedures under the preliminary agreements. The proposed sales form part of the company’s property-related activities and are expected to contribute gains upon completion.
Kuwait-based Dalqan Real Estate Company KSCP has entered into preliminary sale agreements for two properties located in Mahboula, with each property valued at KD 1.3 million.
According to the company, the proposed sale of Property 202 is expected to generate a gain of KD 248,000. The sale of Property 203 is expected to generate a gain of KD 234,000.
Together, the two transactions have a combined value of KD 2.6 million, with the expected gains from both properties amounting to KD 482,000.
The agreements are preliminary in nature, and the transactions will proceed subject to the completion of the required procedures and conditions associated with the property sales.
The proposed disposals come as part of Dalqan Real Estate’s property transactions in Kuwait. Mahboula is a residential and mixed-use area in the Al Ahmadi Governorate, south of Kuwait City, and has seen considerable property activity due to its residential and commercial development.
The company is expected to recognise the respective gains from the two properties upon completion of the sales in accordance with applicable accounting requirements. No further details regarding the buyers or the specific nature of the properties were disclosed in the company announcement.
The proposed sales give Dalqan Real Estate an opportunity to realise gains from two assets while converting them into cash through property disposals. The expected combined gain of KD 482,000 is material relative to the KD 2.6 million total sale value. The final financial impact, however, will depend on the completion of the agreements and the recognition of the transactions in the company’s financial statements. The company’s next disclosures will provide greater clarity on the completion of the sales and their impact on its financial position.
Source Reuters
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