Ream Real Estate Company announced that it is organizing a real estate auction to sell a number of real estate properties and commercial and investment land plots on behalf of one of its premium clients. This auction is considered the first of its kind after resuming business activities post the COVID-19 pandemic.
In this regard, CEO of Ream Real Estate Company, Khaled Al-Sughaier, said that the company, a market leader in the field of real estate management and organizing real estate auctions for over 29 years ago, assumed its previous role in organizing huge real estate auctions, after it had to suspend such operations in light of the COVID-19 pandemic. The Company is currently preparing to organize a real estate auction that will include offering a group of various properties in unique locations and remarkable returns, at an aggregate initial offering price of KWD 65 million.
Al-Sughaier added that currently, the market is primed for investors looking for distinctive investment opportunities, especially as the market goes through the recovery phase following halting most economic activities over the last couple of years and as investment opportunities were scarce. He highlighted that the auction organized by the Company will be the first to be held this year, and should be followed by other auctions to sell new properties that the Company plans to announce successively.
He pointed out that Ream, which manages a large number of real estate properties on behalf of a number of clients in the local market, has great experience in property management and organizing real estate auctions. Over the past few years, the Company organized various auctions on behalf of its clients and achieved impressive results that were well received by the owners of real estate properties and portfolios.
Speaking of the new auction, Al-Sughaier said that Ream has scheduled the auction to be held next November and that it will include offering a number of various properties, stressing that among the properties offered in the auction would be “Byblos” investment complex located in Salmiya, with a  total area of about 3,163 square meters and approximate monthly income of about KWD 75,000, that will be offered at an initial price of KWD 12.9 million
As for the second real estate property to be auctioned, a commercial property (Burj Al-Sour), it is located in Al-Qibla on a land area of 831 square meters. Its monthly income is about KWD 107.7K and will be offered at an initial price of KWD 18.950 million.
Al-Sughaier added that the auction will also include a 2049 square meter commercial land plot in Salmiya (on a main road), that will be auctioned at an initial opening price of KWD 7.1 million, in addition to 3 investment land plots (Shaab Al-Khaled land plots) in Salmiya. The first and second parcels of land have an area of 3001 square meters each. They are located on a main road. Each of them shall be auctioned at an initial price of KWD 7.65 million. Meanwhile, the third plot has an area of 4028 square meters, on a main road and conveniently located at the intersection of 3 roads. That one shall be auctioned at an initial price of KWD 10.75 million.  
Al-Sughaier called on those wishing to participate in the real estate auction to check with REAM’s management at Sharq, to sign an agreement to enter the auction, noting that the last day to enter the auction is October 31.