Saleh Al-Rajhi’s Al Quds land sold for SAR 950 mln

The late Sheikh Saleh Al-Rajhi’s Al Quds land scheme in Riyadh was fully sold in the third auction for a total value of SAR 950 million, the council responsible for the settlement of the succession (Tsfya Al Rajhi) said.

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.