Saudi’s Etqaan Real Estate hosts Jewels of Al Madina public auction

By Salma C, Intern Reporter
  • Follow author on
Representational Image

Saudi-based leading investment and real estate development company Etqaan Real Estate is conducting an auction for a range of hotels and plots of land beside the beachfront Yanbu Pearl Resort featuring 244 regular suites, 36 royal suites, and other key amenities.

The much-awaited Jewels of Al Madina public auction will be held at the Taiba Hall, Hotel Le Meridien Madina, at 4 PM (February 10).

Real estate investors are excited to acquire the five real estate opportunities up for sale in Al Madina and Yanbu, including the Pearl Resort in Yanbu, Al Bustan Taiba Hotel, Golden Arjwan Hotel, as well as the Second and Third District plots of land.

According to the auction host Etqaan Real Estate, the Oman-based Al Madina accounts for more than 20 percent of the demand share for real estate in the Saudi market, while good quality properties are low, demand is high.

By personal attendance or an agent, real estate investors can take part in the auction. Bidders must have a certified cheque of $133,250 for each property, to be recovered if the applicant does not win the bid, said a company spokesman. Bidders can take part from Etqaan branches in Jeddah and Riyadh, or through Zoom live streaming, in line with Saudi Vision 2030.

The beachfront Yanbu Pearl Resort is the largest tourist resort, covering a total area of more than 51,000 square meters with 244 regular suites, 36 royal suites, and full amenities, close to the city centre.

One of Madina’s most famous hotels, Al Bustan Taiba Hotel, close to Al-Haram al-Madani, and the modern architecture hotel Golden Arjwan with an extensive view of the city center, both are ready for the auction.

The Second and Third District are two attractive land plots, located near upscale neighborhoods and logistic service centers, making them a good residential and commercial investment opportunity, the company spokesperson added.

Related: Knight Frank expands real estate Valuation & Advisory expertise in ME