AI Summary
Land parcels within the Masar project earmarked for residential and hotel development under the new agreements
Umm Al Qura for Development and Construction Co. (Masar) said that its SPVs, Al-Inma First Development Co. Ltd. and Al-Inma Second Development Co. Ltd., signed two reservation agreements with Buyout Al-Khomasiah Co. to sell two land plots within the Masar Destination project for a total of SAR 216.87 million.
Buyout Al-Khomasiah is a special-purpose vehicle (SPV) of a real estate fund managed by BLME Capital.
Al-Inma First Development Co. Ltd. and Al-Inma Second Development Co. Ltd. are two SPVs holding the assets of Al-Inma Makkah for Development Fund I and Al-Inma Makkah for Development Fund II, whose units are fully owned by Masar.
The two land plots cover a combined 6,757 square meters, with the first valued at SAR 128.4 million and the second at SAR 88.47 million, intended for residential development by the fund. The related memorandum of understanding (MoU) expires on Nov. 20, 2026.
In a separate statement, Masar said that Al-Inma Second Development Co. Ltd. signed a reservation agreement to sell a land plot within the Masar Destination project to Blominvest Saudi Arabia and Heyazah Real Estate Development Co. for SAR 210.76 million, intended for the development of hospitality units.
The land plot spans 4,487 square meters, with the related MoU set to expire on May 18, 2026. Under the reservation agreements, the fund will pay a deposit to secure the plots, with the final sale expected to be completed within the reservation period, the company said.
Masar said it expects a positive impact on liquidity from the deposit received upon signing the reservation agreements, as well as on its financial results once the transactions are completed or the reservation periods expire.
The company added that no related parties are involved and any material developments will be announced in due course.
Since its listing on the Main Market last March, Masar has sold 25 land plots within the Masar Destination project in Makkah, with a total value of SAR 4.26 billion.
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Details of Land Sale Transactions |
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|
Date |
Land Area (sqm) |
Number of Land Plots |
Sale Value (SAR mln)* |
Asset Book Value (SAR mln) |
|
June 29, 2025 |
2,500.11 |
1 |
255.76 |
128.07 |
|
June 30, 2025 |
2,703.50 |
1 |
264.94 |
145.92 |
|
June 30, 2025 |
2,359.27 |
1 |
145.33 |
71.89 |
|
July 9, 2025 |
5,368.97 |
2 |
235.05 |
132.40 |
|
July 28, 2025 |
15,573.84 |
5 |
628.46 |
341.81 |
|
Aug. 17, 2025 |
2,671.21 |
1 |
145.12 |
76.51 |
|
Sept. 2, 2025** |
5,311.01 |
2 |
328.80 |
180.67 |
|
Sept. 8, 2025** |
4,886.02 |
2 |
438.82 |
-- |
|
Sept. 21, 2025 |
5,500.08 |
2 |
275.00 |
145.70 |
|
Oct. 1, 2025** |
3,835.31 |
1 |
220.61 |
-- |
|
Nov. 17, 2025** |
9,613.58 |
3 |
689.33 |
-- |
|
Nov. 18, 2025 |
2,861.79 |
1 |
204.62 |
103.89 |
|
Nov. 19, 2025** |
11,245.35 |
3 |
427.63 |
-- |
*Excluding taxes and fees borne by the buyer.
**A reservation agreement
According to its prospectus, the company aims to sell 111 of its 205 land plots, lease 28 properties, develop 14 directly, and develop 52 in partnership with strategic partners.
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