'Royal Mall' in Riyadh Sold for 612 Million Riyals in Public Auction
'Royal Mall' in Al-Rahmaniyah district, Riyadh, was sold for 612 million riyals before fees, equivalent to 20,600 riyals per square meter, in a public auction.
'Royal Mall' in Al-Rahmaniyah district in Riyadh was sold in a public auction for 612 million riyals before fees, bringing the total price to 629 million riyals including tax and auction commission.
The price equals approximately 20,600 riyals per square meter, according to Al-Eqtisadiah newspaper citing auction organizer 'Al-Qabaa'.
The mall is located on King Fahd Road, spanning an area of nearly 29,700 square meters, consists of two floors, and opened about 20 years ago.
Meshal Bin Omairah represented the buyers in the deal, according to the same source.
What do these terms mean?
Public Auction: A method of selling real estate through open bidding among buyers, where the highest bidder acquires the property.
Real Estate Transaction Tax: A tax imposed by the state on the sale or transfer of real estate ownership, usually calculated as a percentage of the transaction value.
Price per Square Meter: The value of the property divided by its area, used to compare prices between projects and regions.
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