Rakaz Real Estate Company achieved the expected success at the auction for its «Downtown Rakaz» project in central Al-Khobar last Wednesday. In less than three hours, all lots offered—30 residential and 11 commercial lots, all of which were investment properties—were sold for a total value of approximately 302 million riyals.
The total area of the lots is 106,000 square meters. Prices ranged from 4,000 to 5,000 for residential lots, and (commercial plots from 6,500 to 8,700). Regarding building permits, residential investment plots are authorized for 5.5 stories, and commercial investment plots for 9.5 stories.
It should be noted that the «Downtown Rakaaz» project, located at the intersection of King Faisal bin Abdulaziz Road and Prince Faisal bin Fahd Road (Pepsi Street), has been provided by ”Rakaz Real Estate” with all necessary services and infrastructure, such as electricity, sewage, telephone, water, a public park, and a mosque.
