Adeer closes an exceptional year with more than SAR 214 million at the Teejan Al Dammam auction

Participants at the auction said Adeer Real Estate had handed the Eastern Province property market a valuable year-end gift by offering this one-of-a-kind site for sale. The land extends over 220,797 square meters and gives its new owner a rare opportunity to open 2024 with an investment project capable of generating strong returns in the near term.

Given the scale of the opportunity, the range of uses it supports and its strong investment fundamentals, the hotel hall filled with senior businessmen, investors and representatives of property development companies, all competing for the raw land. Once developed, the site is expected to become a distinctive urban landmark in the Al Shulah district of Dammam, one of the city's important districts, close to Dhahran and Khobar, giving residents easy access to destinations across the Dammam metropolitan area.

Commenting on the auction, Muteb Hamed Al-Qahtani, Chief Executive Officer of Adeer Real Estate, said: "We thank God that the company has ended the year on a high note with this success in the last of our auctions. It extends a series of successful auctions over the year in which we achieved high sales figures that confirmed our leadership of the property market in the Eastern Province and across the Kingdom, and reinforced our clients' confidence in the products we provide."

Al-Qahtani added: "The Teejan Al Dammam site deserves to sell at this level given the advantages it offers. Congratulations to the buyer, who now holds a profitable real estate investment that, God willing, allows the development of model residential and commercial projects generating strong returns."