Masar signs SAR 239.8M land sale deals in Makkah project

The land plots are located within Zone 3 of the Masar Destination project in Makkah.

Umm Al Qura for Development and Construction Co. (Masar) signed three agreements to sell land plots within the Masar Destination project for a combined SAR 239.8 million, excluding taxes and fees, which will be borne by the buyer, according to a statement to Tadawul.

 
The three plots are located in Zone 3 of the Masar Destination project in Makkah and span a total area of 6,904.62 square meters.
 

The sale price and book value of each plot are shown in the table below:

 

Sale price and book value of each land plot (SAR mln)

Land plot

Sale price

Book value

First land plot

75.13

36.44

Second land plot

77.27

38.38

Third land plot

87.44

39.37
 

Masar said it is the seller of the first and second land plots, while the third plot is being sold by Alinma First Development Co. Ltd., a special-purpose vehicle (SPV) of Alinma Makkah Development Fund I, which is owned by Masar.

 

The buyer is OSUS Real Estate Co., an SPV of a real estate fund managed by Al Rajhi Capital.

 

The transaction is in line with the development strategy of Masar Destination, under which the buyer will develop three residential towers on the plots.

 

The company expects the transaction to have a positive impact on its liquidity and financial results.

 

Masar added that the proceeds will be used to finance working capital and existing projects. It also said the transaction involves no related parties.

 

Land Sales at Masar Destination

Date

Land Area (sqm)

Number of Land Plots

Sale Value
(SAR mln)*

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

--

Nov. 20, 2025**

3,061.58

1

91.85

--

Dec. 28, 2025

7,408.58

2

228.41

93.39

Feb. 12, 2026

2,915.80

1

89.46

40.30

May 19, 2026

4,487.38

1

210.76

100.01

June 21, 2026

6,904.62

3

239.85

114.19
*Excluding taxes and fees borne by the buyer.

**A reservation agreement

***The contract was terminated in January due to the buyer’s breach of a material contractual obligation.

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