The Real Estate Contributions Committee at the Ministry of Commerce and Investment announced that it will hold three public auctions to address certain stalled contributions and development projects, The Al-Ahsa Jewel land contribution will be offered for sale at a public auction on the 23rd of Dhu al-Hijjah, corresponding to September 24, 2016. The land is located on Al-Khaleej Road across from King Faisal University, It has an area of 2,000,000 square meters of undeveloped land and falls within the residential zone of Phases 1 and 2.
The committee has stipulated that to participate in the auction, bidders must attend in person or through a legal representative and submit a certified check made out to the Real Estate Contributions Committee in the amount of one million riyals, This amount is considered a non-refundable down payment from the total price for the successful bidder, and the buyer is obligated to pay the remaining balance within 15 days of the auction date.
The second auction features 30 plots of land in the Qurtuba development in Al-Muznayb Governorate and will take place on the second day of Muharram 1438 AH, Those wishing to participate in the bidding must submit a certified check in the amount of 50,000 riyals made out to the Real Estate Contribution Committee.
The committee also decided to offer the remaining plots in the Shalala development in Riyadh on the 16th of Muharram 1438 AH, corresponding to October 17, 2016, at Al-Faisal Palace on the Southern Ring Road, via public auction, The committee stipulated that bidders for the 29 plots must submit a certified check in the amount of 50,000 riyals made out to the Real Estate Contribution Committee.
