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Al- Fanar Mall in Salmiya sold for KD 75 million

KUWAIT: A huge real estate deal was concluded over the weekend when Al- Fanar Mall in Salmiya was sold for KD 75 million, reports Al-Anba daily.

Sources privy to the deal disclosed the sale was done in two parts – first was the 30 percent payment in cash and the rest was through swapping of properties, indicating the two parties agreed not to divulge details of the deal.

Real estate sources said the deal is big, especially if the current situation of the local real estate sector is taken into consideration.

 They affirmed the mall will be developed in a way that will raise rents; thereby, increasing the monthly income. It is worth mentioning that Tamdeen Real Estate Company sold the mall for KD 55 million in 2008 to businessman Soud Sahood Al-Mutairi who sold it after two weeks to businessman Mohammed Abdullah Al-Naqqi for KD 67 million so he gained KD 12 million profit.