After much anticipation and excitement in real estate circles, the first auction for the liquidation of the estate of Sheikh Saleh bin Abdulaziz Al-Rajhi—may God have mercy on him—began with great and expected success. Four properties with a total area of 424,878 square meters—for a total value of 644,040,000 riyals—within four hours. The auction took place yesterday evening in Riyadh and was attended by a large number of businesspeople and investors from across the Kingdom and the Arab Gulf states.
This success is the result of marketing and promoting the estate
In his opening remarks at the auction, Dr. Abdulmohsen Al-Ruwaished, Chairman of the Liquidation Council, emphasized the Council’s commitment to selling 452 properties distributed across all regions of the Kingdom through a series of auctions to be held in the coming periods, noting that all auctions are held under the direct supervision of the Judicial Department of the General Court in Riyadh, which is responsible for the liquidation of the estate of Sheikh Saleh bin Abdulaziz Al-Rajhi.
The first auction for the liquidation of the company reaped the benefits of the marketing campaign carried out by Itqan, the exclusive marketer of the estate, in cooperation with the Liquidation Council, which included its participation in the Cityscape Qatar real estate exhibition last March, The dates for the first three auctions were then announced during the company’s participation in the Restatex Riyadh real estate exhibition, which took place last April. The company’s presentation and marketing of the properties generated significant interest among investors and businesspeople.
Four Properties in the First Auction
Before the auction began, all participants received a bidding card and submitted their checks to participate. A check was required for each property in the following amounts: 10 million riyals to bid on the Tawarn Center, 7 million riyals to bid on the Riyadh Commercial Market, 5 million riyals to bid on the Electron Complex, and 10 million riyals to bid on the Al-Sali land, which is considered part of the property’s value for the winning bidder. All participants met the requirements.
246 million riyals for Tawarn Center
For its part, Itqan Real Estate, the exclusive real estate marketer and auction organizer, stated that the first auction saw intense competition among real estate businessmen and investors, with attendance and values exceeding expectations, as the auction began at 5:30 p.m. with bidding on the Tawarn Center, located at the intersection of King Fahd Road, and Prince Muhammad bin Abdulaziz (Al-Tahlia) Roads, with a total area of 8,160 m². The auction opened at 200 million riyals, and the property was sold to Abdullah bin Ibrahim Al-Subaie Investment Company for 246 million riyals.
91 million riyals for the Electron Center in Al-Batha
Bidding then began on the Electron Center, located in the Al-Batha area, with an area of 5,884 square meters. The auction opened at 70 million riyals and was sold to investor Mohammed bin Mohsen bin Abdullah Al-Harthi for 91 million riyals.
101 million riyals for the Riyadh Commercial Market in Al-Batha
The Riyadh Commercial Market, also located in Al-Batha, has a total area of 6,843.47 square meters and was sold to investor Nayef bin Saleh Al-Rajhi for a total of 101 million riyals.
Al-Sali Land Auction Raises Over 206 Million Riyals
The first auction concluded with bids on the Al-Sali land, located east of Riyadh, with a total area of 404,000 square meters, with the price reaching 510 riyals per square meter, awarded to investor Nayef bin Saleh Al-Rajhi for a total value of 206,040,000 riyals.
The next auction in Jeddah will be held on the 17th of Sha’ban
Regarding the upcoming auction, the Council announced that Saturday, 17 Sha’ban 1438 AH, corresponding to May 13, 2017, has been set as the date for the second auction in Jeddah at the Saudi Business Center and the Al-Andalus Center – Al-Suhaili.
The Council invited investors wishing to participate in the auction to contact the Council by visiting its permanent real estate exhibition located in Riyadh on King Fahd Road, south of the Kingdom Tower, or by calling the unified call center toll-free at 920009777.
