Real estate contributions Commission stalled in the Ministry of Trade and Industry has completed the first phase for the first auction to dissolute the distressed and non-developed Dora Gulf contribution, which is located in Al Khobar in the Eastern Province and the advertised part has been selling in the auction with a total value amounted by 158 million on More than 868 thousand square meters.
The auction, which was held in the hotel ” Al Khobar Holiday Inn” under the supervision and follow-up from the real estate contributions and the General Court in Al-Khobar “conservation attachment department and legal liquidator Dr. Abdul Hameed Bin Khnen Legal Consultant and Attorney, In addition to Rumaih Holding Company contribution marketer, and Abdul Rahman Al-Rashed East Chamber President, and Dr. Ayed Al-Qahtani chairman of the Real Estate Committee, had a great competition between real estate companies that have entered the auction by certified checks worth 10 million riyals to have the right to bid.
And Ahmed Rumaih ,the Chairman of Rumaih Holding company contribution marketer affirmed that: the auction started at $ 100 per square meter ,the bidding and competition continued to reach 10 riyals then 5 riyals and then one riyal until 182 riyals per square meter, The real estate company which won the bid was awarded 15 minutes deadline ,after that the sales process has completed on the Ajlan & Bros. and Ammar real estate companies adding that the time was extended to obtain the highest price for the contribution and the sale has been completed at a fair and convincing price to many shareholders.
Al-Rumaih declared that Ajlan&Bros,. and Ammar Real Estate Companies won contribution purchase the undeveloped part B in the first phase of “Dora Gulf” scheme with 182 riyals per square meter and the total value was about 158 million riyals, adding that the total area of the scheme, which was sold by auction 868 thousand square meters Distributed over 513 plots ,and pointing out that the part that has been sold is the first phase of the contribution, which will be followed by the second phase will be held on the next eighteenth of April, where 900 variety plots of the same scheme “Dora the Gulf” in an auction determines the auction site later. Ajlan Al- Ajlan ,the Chairman of Ajlan&Bros,. company said that : The scheme of Dora Gulf which is located in Azizié Alkhobar has temptations for investors and residents ,as Aziziyah area is considered a natural extension of the Al- Khobar city .Moreover it is characterized by qualitative and comprehensive services constitute a large urban quantum, Adding that it possesses the qualifications which makes it a real and attractive destination for housing demanders, in addition to the strategic location of the area, it has beaches and luxury resorts distinguish them from other areas. Ajlan declared: that the significant growth in the population of the Eastern Province needs a specialized and developed cities for housing, stressing the necessity of businessmen carrying liability and contributing in developing the residential cities to be an important tributary in the evolution of the overall development and fill the gap of developed and ready-to-build land.
Abdul Hadi bin Fahad Al Qahtani, the chief executive of Ammar Real Estate, said that this alliance is not the first with a Ajlan Ajlan & Bros., where already reality alliances were established and resulted in conducting variety deals most recently Emdad and Altaawn scheme, he is stressing the importance of strategic alliances where expertise and efforts coordinate to have the final outcome of valuable products contributing in development.
Al-Qahtani states that Ammar Real Estate is the developer and marketer of the project, as it will begin in the planning procedures and development immediately with the best international engineering offices, and he expected that development’s period around a year and then held a public auction on the approved scheme by the government, adding that the percentage planning represent 35% of scheme total plot .He stressed that the scheme is located outside Saudi Aramco intercepts, according to testimony in the legal department of Saudi Aramco.
A number of real estate companies Have participated in the auction, including Rikaz and Ghunaim Real Estate, Al- Samhan for development integration, Madallah reality, national Amlak, Rashed Realty, Prince reality, Jah reality, Sumou reality, Aljubran and Ghassan Holding.
