Over 80% of Saleh Al Rajhi’s Al Quds land sold

Over 80 percent of the late Sheikh Saleh Al Rajhi’s Al Quds land scheme in Riyadh was sold in the auction held on Saturday while the remainder will be auctioned on Sunday at 4:30 PM, the council responsible for the settlement of the succession (Tsfya Al Rajhi) said.

About 1,370 bidders attended the auction, the council added.

During the first round, nine blocks were sold at prices between SAR 1,900-SAR 4,000 per square meter.  Around 14 plots of land were sold for price ranging from SAR 1,900 to SAR 2,360 per square meter.

The second round witnessed the sale of 14 blocks, including 159 plots at SAR 1,700 to SAR 2,150 per square meter, Tsfya Al Rajhi added.

Earlier this year, a court order formed a resolution to auction the estate of late businessman Sheikh Saleh, who was one of the founders of leading lender Al Rajhi Bank.

The first auction was held last week where four properties in Riyadh were sold for SAR 644 million while the second auction was held earlier this week witnessing the sale of two properties in Jeddah for SAR 385 million.