Masar signs 3 land sale agreements for SAR 441.1M

Umm Al Qura for Development & Construction Co. (Masar) signed three reservation agreements to sell land plots for SAR 441.1 million, according to a statement to Tadawul.

The land plots, with a total area of 7,387 square meters, are located off the pedestrian boulevard within Zone 2 of the Masar Destination in Makkah.

The agreements were signed with Watheeq Capital's Real Estate Opportunities Fund II, to develop residential units through the fund.

Under the agreements, the fund will pay a deposit for each land plot in exchange for securing the reservation. The parties plan to sign the final sale agreements during the term of the reservation agreements, which expires on Nov. 1, 2026.

Masar expects a positive impact on liquidity from receiving the deposits upon signing the reservation agreements, while the financial impact on earnings is expected to materialize upon completion of the sales transactions or upon the expiry of the reservation period.

The company noted that there are no related parties to the deal.

According to data available with Argaam, Masar sold and signed reservation agreements for several land plots within the Masar destination project in Makkah since its listing on the Main Market (TASI).

*Excluding taxes and fees borne by the buyer.

**A reservation agreement.

According to the prospectus, the company aims to sell 111 out of the 205 land plots it owns. It also plans to lease 28 properties, develop 14 properties on its own, and jointly develop 52 properties with strategic partners.