MADINAH, 30 September 2005 — According to many real estate experts, the auction of Bani Al-Najjar was the highest in record. The price per square meter at the eight pieces of land, which is located in the eastern side of the Holy Mosque of Madinah and directly overlooks at the holy mosque and it belongs to Aqar Holding Company, reached SR184,000. The total sales of the Bani Al-Najjar lands reached SR2.5 billion. The competition, however, was very tough.
Huge number of real estate investors attended the auction. All eight lands were sold out in one auction. The Ministry of Endowment and Islamic Affairs competed for the sales of land against the real estate businessman and president of Al-Oula for real estate development company, Ayed Al-Kahtani. The Ministry of Endowment and Islamic Affairs won the bid after Al-Oula for real estate development company stopped the bid at SR183,000 per square meter.
Investors of Bani Al-Najjar are expected to get at least 30 percent profit in their investment. The bid started with SR165,000 per square meter and ended at SR184,000 per square meter.