November 24, 2022 real estate

Al-Rajaan property sale brings in KD 28.7mn

KUWAIT CITY, Nov 23: The auction by Al-Enmaa Real Estate Company witnessed the sale of 27 properties with a total value of KD 28.698mn – the properties of the former Director General of Public Institution for Social Security (PIFSS), late Fahd Al-Rajaan, reports Al-Rai daily. These real estate properties were sold under the supervision of the Public Prosecution in line with the verdicts that have been issued by the criminal rulings issued against Al-Rajaan and his wife, in Case No. 1499/2008, filed by the Public Prosecution Public Funds against those convicted of embezzling public funds.

These are considered the first batch of Al-Rajaan properties of the total of about 42 properties in Shuwaikh, Qortuba, Yarmouk, Abu Fatira, Al-Masayel, Salmiya, Al-Zahra’a and Hittin. A 1,000-square-meter villa was sold by public auction in Shuwaikh (B), for 3.410 million dinars, an increase of 13.66 percent from its initial price of 3 million dinars. Four vacant lands, each with an area of 810 square meters, were sold in Qortuba. The starting price for each of them was 750 thousand dinars.

The auction also witnessed a competition for a villa in Yarmouk with an area of 913 square meters on a main street and a back rail for 1.565 million dinars, an increase of 30.4 percent and a value of 365 thousand over its initial price of 1.2 million dinars. A second villa was sold in Yarmouk 863 square meters area along a street and a side railing for 1.03 million dinars, an increase of about 30 thousand only from its initial price, in addition to a third villa in Yarmouk, also with an area of 920 square meters, with a starting price of 1.150 million dinars.

During the auction, 17 vacant lands were sold in the Abu Fatira area, with an area of 500 square meters, 4 of them at an initial price of 400 thousand dinars, while the competition was fierce for vacant lands in the region, specifically in Abu Al Hasaniya, each area of 2000 square meters, the first was sold for 1.91 million dinars, an increase of 560 thousand dinars from its initial price, while the second was sold for 1.8 million dinars, an increase of about 450 thousand dinars.

The most expensive real estate was a vacant land located in the Al- Masayel area (Al-Maseela) extending over 3974 square meters and was sold for about 6.6 million dinars, an increase of about 2.85 million dinars, or 76 percent over its initial price of about 3.750 million dinars, after a very big competition between the bidders. No bidding took place on 4 properties in Al-Zahra’a and 2 properties in Hitteen.


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