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

Participants in the auction regarded Adeer's decision to bring this one-of-a-kind plot to market as a valuable gift to the Eastern Province real estate market at the close of the year. The land extends over 220,797 square metres and gives its new owner a rare chance to begin the new year, 2024, with a successful investment project that will generate strong returns in the near future.

Given the importance of the opportunity on offer, the range of uses it allows and its strong investment fundamentals, the hotel hall filled with senior business figures, investors and representatives of real estate development companies, who competed to win this raw plot. Once developed, it is expected to become a distinctive piece of urban architecture, set apart by its strategic location in the Al Shoalah district of Dammam, one of the important districts that benefits from proximity to Dhahran and Khobar, giving residents easy access to destinations across the greater Dammam metropolitan area.

Commenting on the auction, Muteb Hamed Al-Qahtani, Chief Executive Officer of Adeer, said: "We thank God that our company closed the year on a high note, following this outstanding result at our final auction. It extends a series of successful auctions over the year in which we recorded high sales figures that confirmed our standing as a leader in the real estate market in the Eastern Province and the Kingdom, and strengthened our clients' confidence in the products we provide."

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