Jabal Omar Real Estate Development said it sold 12 out of 23 residential units in the S1 area during the first day of its second auction.

The average sale price reached SAR 96.1 thousand per square meter.

The units were sold at a total value of SAR 161.6 million.

The real estate developer said the auction will continue on Thursday to sell the remaining 11 units.

The sale proceeds will be used in completing the first phase of Jabal Omar project.

The sale will reflect positively on shareholders' equity in 1436.