Saudi Arabia: 900 land plots on auction
Khaled al-Shubayli Group for Real Estate Investments will offer at public auction 900 land plots in Al-Zahra Project in the city of Al-Qatif, in the eastern region of Saudi Arabia, reported Al-Sharq al-Awsat Newspaper (May 4, 2005).
The area of the offered lands is 1.2 million square meters. The group has already completed the construction of the infrastructure needed for the project, and a promenade facing the sea. The group expects to complete the public auction within a short time and to receive approximately $133 million for the lands.
The project, located in the middle of Al-Qatif, designates to become an advanced neighborhood equipped with all the necessary services. As part of the Saudi government's efforts to develop the eastern region of the kingdom, it is allowed to build up to 3-floor buildings in the project area, and up to 6-floors buildings in the commercial region and in the promenade surrounding it.