Saudi Arabia: $ 266 million land sold in a real estate auction in Riyadh

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Saudi Arabia: $ 266 million land sold in a real estate auction in Riyadh

Within the liquidation of Saudi Oger real estate


Friday – 20 Shaaban 1442 AH – 02 April 2021 AD


Part of the auction to sell the land in the Saudi capital, Riyadh (Asharq Al-Awsat)

Riyadh: «Asharq Al-Awsat»

The Adeer Real Estate Company said that it had succeeded in selling the land of Hateen palaces, located in the Saudi capital, Riyadh, for an amount exceeding one billion riyals ($ 266.6 million), during the “Elite Auction” organized by the company, under the supervision of bankruptcy trustees, to liquidate the troubled Saudi Oger Ltd.
The company added that the auction witnessed a wide participation of businessmen and real estate investors, in order to compete in submitting bids to buy to win the land of Hateen palaces, which has many characteristics that make it an investment opportunity. The strategic location of the project is the most important of these characteristics.
Mutaib bin Hamad Al Saad, Co-Founder and CEO of Adeer Real Estate, explained; The sale of the entire land of Hateen palaces in a record period of time, and a high financial value, confirms the importance of this project and the efficiency of investment in it, and said: “In addition, the northern region of Riyadh is witnessing continuous urban growth, with the implementation of many important development projects that enhance the importance of This region makes it a promising investment destination for investors and real estate developers.
He added that the success of the elite auction in selling the land of Hattin palaces confirms the strength of the real estate sector in the Kingdom, and indicates an expected improvement of the market during the current year 2021 and wide opportunities for growth as the Kingdom recovers from the effects of the Corona pandemic, and the increase in government support for this important sector in order to achieve Saudi Vision 2030.
Al-Saad indicated that the city of Riyadh is looking forward to a bright development future, and is preparing to outperform many global capitals with the quality of life in it, after the completion of the implementation of its four major projects and many other development projects that enhance its position as a quality destination for investment and make it one of the best cities in the world.


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