(MENAFN - Arab News) Riyadh Municipality approved the real estate plans of Injaz Development Company (IDC) to start building their Al-Gamra 10 project in Northern Riyadh.
A senior IDC official said the urban authority has authorized the company to commence the sales of the project's development plots through a public real estate auction in December.
"Launching sales of Al-Gamra 10 through a real estate auction reflects the growing awareness among investors and property buyers of the important role of real estate auctions in promoting real estate growth in the Kingdom, and particularly in Northern Riyadh," said Omar Al-Kadi, IDC CEO and managing director.
Real estate auctions offer an effective tool for selling real estate plots, complementing the growing demand on urban and housing development in the area, Al-Kadi said.
Covering an area of 566,000 square meters, Al-Gamra 10 is one of the blocks comprising the Al-Gamra Project, which is strategically located between the north highway and King Fahad Road toward the north on Abu Bakr Al-Siddeeq Road.
Al-Gamra 10 is an integrated project offering ready-to-occupy plots for residential and commercial buildings that are specifically designed to complement the growing economic activities in the area north of Riyadh.