Asas Makeen buys land plot in Riyadh for SAR 53M to build residential units

Asas Makeen Real Estate Development and Investment Co. purchased on Aug. 28, an 8,800 sqm land plot in Al-Arid district, Riyadh, from Abdulrahman Al-Hamlan for SAR 52.98 million.

In a statement to Tadawul, the company said the deal will be financed through a bank loan and part of its own resources, noting that there are no related parties to the deal.

The company added it will develop the acquired land and construct residential units for sale, expecting the financial impact to appear as an increase in projects under development within current assets, with the effect reflected in 2026.