«Itqan Real Estate,» the authorized marketing agent for the estate liquidator—the law office of Abdulrahim bin Hassan Al-Zamili—has announced the date for the «Bilal Central Market» for sale at a public auction. The entire market, located in the central district on a total area of 12,760 square meters and situated 500 meters from the Prophet’s Mosque, and contains 280 commercial stores engaged in a variety of activities. It is easily accessible from multiple roads and represents a distinctive historical site in Madinah.
Abdulaziz bin Fahd Al-Rashid, Chairman of the Board of Directors of Itqan Real Estate Company, explained that the company has completed all preparations for the public auction of «Bilal Central Market» on 12/9/1442 AH, corresponding to April 24, 2021, at the Aubrey Hotel in Madinah, which will be conducted in accordance with health protocols to prevent the spread of the coronavirus. He noted that bidders can participate remotely via digital platforms in accordance with the auction’s terms and conditions.
Al-Rashid Al-Rashid pointed out that Bilal Market is a major investment opportunity, a historic landmark, and a shopping center near the Prophet’s Mosque, visited by millions of pilgrims, Umrah performers, and others who come to purchase their necessities there, and its shops offer a diverse and comprehensive range of products to meet shoppers" every need.
Al-Rashid noted that the market is distinguished by its central location, which allows for the construction of fourteen stories and offers potential for development due to its proximity to historical sites, its unencumbered legal status, and its connection to the historic market—all of which make it ideal for large-scale urban development projects of unique cultural and economic value.
Al-Rashid explained that the market offers numerous investment opportunities related to its land, including a project to construct a tower overlooking the Prophet’s Mosque that would feature a four-story market and six towers of hotel rooms and suites, with each tower containing a large number of rooms and suites across the entire site while preserving the mosque. The expected annual revenue for this project is estimated at more than 80 million riyals per year.
