With the participation of more than 2,000 investors and citizens, the consortium of Itqan Real Estate and Al-Dal Real Estate Services successfully sold half of Jawhara Abhar project located in North Abhar, Jeddah, through a public auction as the first phase, achieving sales of more than 859 million riyals.
To ensure the auction’s success, remote bidding technology was utilized via Zoom, with a live connection to the company’s headquarters in Riyadh and Itqan Real Estate’s social media channels, resulting in the sale of 215 residential units and 52 commercial units from the development, which has a total area of one million square meters and is considered one of the most exemplary and distinctive developments in Jeddah, the Bride of the Red Sea and the Gateway to the Two Holy Mosques.
On this occasion, Abdulaziz bin Fahd Al-Rashid, Chairman of the Board of Directors of the consortium formed by Itqan and Al-Dal Real Estate, explained that the prices were competitive, ranging from 4,600 riyals per commercial square meter to 2,200 riyals per residential square meter for units in the development, which is considered one of the most important neighborhoods in Abhur North, which is rich in services and serves as a magnet for residents, renowned for its well-organized infrastructure and comprehensive services.
The chairman of the board of the Itqan and Al-Dal Real Estate Alliance congratulated those fortunate enough to purchase properties in the development, which is considered a unique investment and residential opportunity due to its strategic location, He also expressed his thanks and appreciation to the sons of Muhammad Al-Saad Al-Ajlan, the owner and developer of the project, for their trust and support of the alliance between Itqan and Al-Dal Real Estate Companies in entrusting them with managing this distinguished auction.
For his part, Sheikh Abdulaziz bin Mohammed Al-Ajlan, Chairman of the Board of Directors of Sons of Mohammed Al-Saad Al-Ajlan Company, stated that the success of the first phase of the Jawhara Abhar auction reflects Saudi investors« confidence in the real estate market, which is considered the cornerstone of safe investment in Saudi Arabia, noting that the strong turnout at the auction and the prices achieved in sales transactions for all lots and »blocks” within the development underscore Jeddah’s distinction as the gateway to the Two Holy Mosques and a promising investment destination.
