On April 18, the Eastern Province will host a public auction for the second phase of the “Durrat Al-Khaleej” project at the Dhahran Palace Hotel, next to Saudi Aramco Gate No. 2.
The committee overseeing the auction—the Committee for Distressed Real Estate Contributions, the General Court in Al-Khobar, the Seizure and Enforcement Division, and the legal liquidator Dr. Abdul Hamid bin Khinin of Legal Consultancy and Law Firm— as well as Al-Rumaih Holding Group, the project’s marketing agent, that the auction will cover the developed portion of the master plan, which spans 1,417 million square meters and is divided into 900 developed plots comprising residential, commercial, and service-oriented, with integrated services. Plot sizes range from 500 to 2,400 square meters.
The committee noted that this second phase of the Durra Al-Khaleej project, follows a recent public auction for the undeveloped first phase, which covers an area of more than 800,000 square meters and was sold—after intense competition among the real estate companies that attended the auction—for a total value of approximately 158 million riyals at a price of 182 riyals per square meter.
The committee set the terms of sale, which include payment of 50 percent of the land’s value at the auction and 2.5 percent as a commission, as well as a commitment to pay the remaining balance by bank check within ten days of the sale date.