Travel, Tourism & Hospitality
Etqaan Real Estate to auction prime Madinah hotels, land plots
Saudi-based Etqaan Real Estate is all set to auction a range of hotels and plots of land besides the beachfront Yanbu Pearl Resort featuring 244 regular suites, 36 royal suites, and other key amenities at the Jewels of Madinah event.
Saudi-based Etqaan Real Estate is all set to auction a range of hotels and plots of land besides the beachfront Yanbu Pearl Resort featuring 244 regular suites, 36 royal suites, and other key amenities.
The auction includes the Pearl Resort in Yanbu, Al Bustan Taiba Hotel, Golden Arjwan Hotel, as well as the Second and Third District plots of land.
Real estate investors are eagerly waiting to grab the five real estate opportunities up for sale in Al Madina and Yanbu, at the Jewels of Al Madina public auction, scheduled to open at 4pm tomorrow (February 10) at Hotel Le Meridien Madina.
Al Madina accounts for more than 20 percent of the demand share for real estate in the Saudi market, but quality properties are scarce and demand is high, said Etqaan Real Estate which is hosting the auction.
Thanks to its rich history and famous landmarks, most notably Al Haram Al Madani Al Sharif, Al Madina is a great attraction for local and international tourists.
For those taking part in the auction, personal attendance or through an agent is a must. Also bidders must have certified cheque of SR500,000 for each property, to be recovered if the applicant does not win the bid, said a company spokesman.
Bidders can take part from Etqan branches in Jeddah and Riyadh, or through Zoom live streaming, in line with Saudi Vision 2030.
Covering a total area of more than 51,000 sq m, the Yanbu Pearl Resort is the largest tourist resort on the beach front in Yanbu, with 244 regular suites, 36 royal suites, and full amenities, close to the city centre.
The 15-storey Al Bustan Taiba Hotel, one of Madina's most famous hotels, is just about a 2-minute walk from Al Haram al-Madani.
The 14-story Golden Arjwan Hotel is also up for grabs. It boasts a modern architecture and offers extensive view of the city centre and is just a 5-minute walk from Al Haram Al Madani, he stated.
The Second and Third District are two attractive plots of land, ideally located near upscale neighborhoods and logistic service centers, making them a good residential and commercial investment opportunity, he added.-TradeArabia News Service