Jeddah witnesses largest property deal worth $357.2m

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The Saudi Oger Company’s “Arjuwan Red Sea Project” land has been sold in a public auction with a value exceeding SR1.34 billion ($357.2 million) at a price of SR4,410 per sqm, last Tuesday, in what is considered the largest real estate deal in Jeddah for this year, Al Eqtisadiah reported.

The value of the endeavor amounted to more than SR35.7 million for the land exceeding 281,000 sqm in a privileged location in the Alshatei district – one of the prestigious neighborhoods in northern Jeddah.

The Arjuwan Red Sea Project is one of the most promising and ambitious real estate projects in Jeddah, due to its strategic location in the heart of  Alshatei district, Head of Adair Real Estate, the project’s exclusive marketer, Mutaib Al Saad previously said.

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