Through careful planning, Itqan Real Estate, the exclusive marketer of the estate, achieved great success in marketing the properties and estate of Sheikh Saleh bin Abdulaziz Al Rajhi, may God have mercy on him, in cooperation with the Liquidation Council. The advertising campaign comprised several phases, most notably the Cityscape exhibition in Qatar, where the estate’s state-of-the-art booth generated significant buzz and positive feedback regarding the properties marketed by Itqan. The company then bolstered its campaign by participating in the Riyadh Restax exhibition held last April, in addition to its websites, which presented all properties in a manner tailored to the local and regional markets.
Itqan’s efforts in organizing the auction—which served as a model for leading auctions—have borne fruit, paving the way for large families with extensive property holdings to follow in the footsteps of the Sheikh Saleh Al-Rajhi Estate Liquidation Council, especially since the first auction achieved all its desired objectives in record time—no more than four hours. Following the same format, the second auction will be held this afternoon in Jeddah to sell the Saudi Business Center and the Al-Andalus Center (Al-Suhaili).
In the same vein, the Liquidation Council has made tremendous efforts since its establishment to provide a one-of-a-kind experience, From the outset, it has relied on specialized real estate firms to study and appraise the projects in order to set a fair price. The Board leveraged its expertise to ensure the first auction was a resounding success that satisfied both bidders and heirs, This confirms that the real estate market is healthy and not significantly affected by surrounding obstacles; the final sales figures confirmed that the market value of the four projects exceeded expectations, particularly Tawarn Center, whose price jumped to more than 246 million riyals. This is due to the market’s need for such vital projects for investors and businesspeople, all of which represent ready-made investment opportunities.
