The biggest auction in the world in Jeddah

[Olive touch]

Jeddah Area Auction Fetches Over SR1bn

http://www.aleqtisadiah.com/SiteImages/EqNews/5950.jpg
http://www.alriyadh.com/2005/03/19/img/193188.jpg

JEDDAH, 25 March 2005 — The auction of Alnakheel area of Jeddah, which
covers 1.2 million square meters, fetched more than SR1 billion until midnight
Wednesday.

The auction drew a huge crowd of businessmen and real estate investors to
witness the biggest auction in the world.

The area included 85 blocks of different sizes. Each block consists of 5 to 30
plots fully equipped with all amenities.

The auction, which was held at Lailaty Hall on Wednesday night, exceeded
the expected amount that businessmen had predicted. The project is located
at the old airport area, which covers a very strategic location being between
Prince Majed Street and Wali Al'Ahd Sreet. Observers say that the area will
witness tremendous development and will possibly turn into another
downtown for Jeddah.

Location:

http://www.aloula.com/ar/images/nakeelmap.gif

The project is located in the heart of Jeddah city in an area of 1.237.000 sq.
mt.

Advantages:

Strategic location in the heart of Jeddah city.
Connected to a number of main roads in Jeddah city including Crown Prince
Road which leads to Mecca Road
Located near King Abdul Aziz Road which will be an important land mark on
completion.
Located near King Abdul Aziz University
Situated near a number of prestigious malls and shopping centres


http://www.aloula.com/website/images/images/photo_albums/nakheel/04i.jpghttp://www.aloula.com/website/images/images/photo_albums/nakheel/01i.jpg
http://www.aloula.com/website/images/images/photo_albums/nakheel/05i.jpghttp://www.aloula.com/website/images/images/photo_albums/nakheel/03i.jpg


www.arabnews.com

More photos and infos:
http://www.aloula.com/ar/live1.htm
http://www.aloula.com/

[Olive touch]

Here are some places that are close to the project

The constriction of King Abdulaziz bridge about to finish

http://www.jeddah.gov.sa/JeddahMunicipality/Images/br.jpg


Also the nearest well known location to the project is Mahmood Sa’aed Mall =
(Oasis mall).

http://i2.photobucket.com/albums/y38/tomorrowhope/6666.jpg

http://i2.photobucket.com/albums/y38/tomorrowhope/8888.jpg

http://i2.photobucket.com/albums/y38/tomorrowhope/iii.jpg


Currently the place is a MISS!

[Raza]

the malls of Jeddah are better then dubai malls

[crazyeight]

^
says who?

[Anas Anani]

Actually no Raza malls in dubai are the best in the world! the malls of saudi arabia can't be compared to the ones in the UAE. Even kuwait is a zero except Sheikh Abdallah al salem mall in kuwait which seriously is a world wonder! But anyways isnt really worth traveling to kuwait to go see it :D. Dubai malls are the best malls in the world.

I see that they purchased 45% of the land of the old airport since it didnt cost as much as in the city, But al-Nakheel will build all those buildings but like its open anyone is free to buy the commercial estates there? or is there rules such as no foreign investors? (if you dont have a Saudi,Kuwait,Qatar,etc. passport you can't buy except if you had a connection?)

this project will make it the commercial downtown for businessmen.

[huit]

Great project for Saudi Arabia... I knew there was a lot going on there but I hope they start publishing there websites aswell!!!

[HiJazzey]

The auction fetched 12 Billion SR. As stated before, Emaar bought 45% of the land.

[Qatar4Ever]

interesting to see emaar has purchased 45% of the land, this means emaar has serious ideas on what jeddah is going to look like in the future. This is good news, I was wondering, the first picture you had posted, is it an acctual rendering of a project or something you expect ??

[HiJazzey]

Well it's Emaar entry into the largest market in the GCC. The demand in Saudi is massive, and the returns are high.

As for the rendering, it is the one banded about by al-Oula in its advertising, even though in the small print it says that there's a height limit of 6 storeys! It might be Emaar's plans for the 45% which it pre-purchased before the auction.

[SkyFan]

The auction fetched 12 Billion SR. As stated before, Emaar bought 45% of the land.

I belive it was SR 1.2 billion :)

[SkyFan]

Well it's Emaar entry into the largest market in the GCC. The demand in Saudi is massive, and the returns are high.

As for the rendering, it is the one banded about by al-Oula in its advertising, even though in the small print it says that there's a height limit of 6 storeys! It might be Emaar's plans for the 45% which it pre-purchased before the auction.

YES, I was about to post that limit thing. I don't think it was ethical from Al-Oula to post around these renders while they are not possible to be built.

[HiJazzey]

I belive it was SR 1.2 billion :)
typo ;)

[HiJazzey]

BTW, just a quick mention about Jawharat al Babtein, which is located just opposite of Nakheel (it occupies the south eastern quaderant of King abdulaziz square). So this area might quickly turn into a business cluster (on top of what's already built on Wali-l-3ahd)

[urbane]

interesing ! If I am understanding the situation correctly, land parcels are being auctioned. Do the renderings above show the actual buildings that will be constructed by the developers then ? Or will the developers build whatever they want ? Are those high-rises office buildings with commercial on the bottom, or residential with commercial on the bottom, or purely residential/office ?

[Anas Anani]

i dont think they will be residential urbane they are surely for commercial use! (office buildings mosly). Guys seriously a limit of 6 floors? thats crap lol in the renderings they look like high-rises! And no the renders arent really what is going to be built.

[Saudi Dunes]

Guys, the auction according to Arab News fetched 1.3 billion riyals. As for EMAAR purchasing 45% of the plots, I have reason to believe that they have something big planned for the area. Knowing EMAAR's portfolio, they're not just gonna go build 6 floor buildings on a 500,000 sq. m. plot, especially why they have purchased the land for almost 1000 dollars per square meter

[jap]

it's beautiful neon!

[Anas Anani]

jap go on the older posts there is other pics on jeddah you can see other neon buildings, thought this one is special ;).