The First Fund for Real Estate Development achieved a record in auctioning and sales of 1,702 building plots in a single day in Riyadh.
The auction time was between 10:00 a.m. to 3:30 pm.
The auction committee closed the auction on the evening of Dec. 13 while the auction was originally planned for the next day also.
The plot prices ranged between SR650 to SR950 for square meter and the total sales amounted to SR720 million.
The chairman of the board of directors of the First Capital Co. congratulated all investors on the success of the auction.
“All the plots of the fund were sold out with a high level of transparency and its real estate products were offered at affordable prices to a wide range of people and in line with the aspirations of the investors in the fund,” he said.
Adnan Talmasani, CEO of First Capital, thanked the Riyadh governorate, the Capital Market Authority and Riyadh Municipality for helping the fund to achieve its goal of providing model residential plots to the people at affordable rates.
He said the time for distributing profits to investors will be announced after completion of the procedures to register the plots to the buyers.
The First Capital Co. is a Saudi company. It has a tie-up with the Al-Olaya Real Estate Co.
This tie-up resulted in developing 1.6 million square meters land in the Taiba 6 plots with the size of plots ranging between 225 sq meters and 800 sq meters.
Hamad Saeedan, chairman of Al-Olaya, said the sales of all plots in a single day signified a sharp rise in the demand for housing plots and preference of developers and investors for such plots.
The First Real Estate Fund is a distinguished fund working in the field of developing properties and is the only approved establishment for developing neighborhoods in Riyadh.