Masar sells 2 land plots in destination project for SAR 410.3M

Umm Al Qura for Development and Construction Co. (Masar) signed two land sale agreements within the Masar Destination project in Makkah for SAR 410.27 million.

Masar is the owner, developer, and operator of the Masar Destination project.

The first land plot, measuring 2,703 square meters (sqm), was sold to Tomooh Al Khaleej Financial Co. for SAR 264.94 million, excluding taxes and fees, which are to be borne by the buyer, Masar said in a statement to Tadawul.

The second land plot, measuring 2,359 sqm, was sold for SAR 145.33 million, excluding taxes and fees, to Alinma 1st Development Ltd. Co.—a special purpose vehicle (SPV) holding the units of the Alinma Makkah 1st Development Fund, fully owned by Masar —and Watheeq Retal Roya Al-Haram Real Estate Fund managed by Watheeq Capital.

The book value of the first plot is SAR 145.92 million, and the second plot is SAR 71.89 million. The proceeds from the sales will be utilized to finance working capital and ongoing projects, the statement said, noting that no related parties are involved.

The two deals are part of Masar’s development strategy, with the buyers planning to develop a residential tower. The transactions are expected to have a positive impact on liquidity and financial performance.