Kuwait International Bank KIB

280.00 4.00 1.44 %

KIB sells 4 state properties in public auction

(12/25/2018 7:24:00 AM)

KIB organized a public auction on Wednesday, December 19, for the sale of 15 properties (vacant land) owned by the State of Kuwait represented by the Kuwait Investment Authority (KIA). Held at Safir International Hotel – Kuwait, a total 4 properties were sold at the auction, after completing all necessary legal procedures and contracts to complete the sales transactions.

On his part, Yousef Al-Ajeel, Head of the Property Management Department (PMD) at KIB, said: “The auction included 15 state properties with varying specifications, during which a total 4 properties were sold. The first property was a vacant private property overlooking a side street in Fintas.

The second property was a vacant private property overlooking a side street in Fintas. The third property was a vacant private property overlooking a side street off the main street in Fintas. The fourth property was a vacant private property in Oqaila.”

Al-Ajeel added that the PMD at KIB organizes public auctions as per the request of property owners, in line with real estate conditions and requirements. Additionally, the PMD also manages a large number of commercial complex-es, residential buildings, as well as private properties owned by customers, and both the public and private sectors.

Moreover, Al-Ajeel noted that the PMD offers key services at competitive prices through different units, including a unit for marketing and managing properties, as well as a unit responsible for emergency and routine maintenance services to ensure proper upkeep and safety of properties.

Additionally the PMD offers legal services to advise clients on property transactions and resolve legal disputes related to the property; accounting services to prepare financial statements and accounting reports; and rent collection services to collect rent on behalf of property owners and provide online payment services. Services also include holding public auctions at the request of property owners, in line with local real estate laws and regulations.

Arab Times