The auction of Alnakheel area of Jeddah, which covers 1.2 million square meters, fetched more than SR1 billion until midnight Wednesday, Arab News reported today. 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.
