According to Al-Anbaa daily,a huge real estate deal was concluded this week in Kuwait when Al Fanar Mall in Salmiya was sold for KD 75 million. The buyer asserted that the mall will be developed and restored to achieve its true potential.
The sale was done in two parts; around 30% has been paid in cash and the rest of the payment was through swapping of properties.The two parties had an agreement not to divulge any more details of the deal.
Taking the current situation of the local real estate market in Kuwait into consideration, this is a huge deal. But then again, if the mall will be developed in a way that raises rents, increasing the monthly income, then it is a great deal for both parties.
It is noteworthy to say that Tamdeen Real Estate Company sold the mall for KD 55 million in 2008 to businessman Soud Sahood Al-Mutairi. Two weeks later, Al-Mutairi sold the mall to businessman Mohammed Abdullah Al-Naqqi for KD 67 million.