Masar announces SAR 138.98M land sale in Makkah

Masar says the transaction aligns with its strategy to develop Masar Destination

Umm Al Qura for Development and Construction Co. (Masar). announced today, Oct. 26, an agreement to sell a plot of land within Masar Destination in Makkah to Al Sakan Al-Mithali for Development Co. Ltd., a subsidiary of Methak Investment Holding Co. 

 

The special-purpose vehicle (SPV) of Al-Inma Makkah Development Fund II, a fully owned subsidiary of Masar, signed the agreement.

 

The transaction is valued at SAR 138.98 million, excluding taxes and fees (borne by buyer), Masar said in a statement to Tadawul.

 

The plot is located in Zone 3 of Masar Destination, overlooking Abdullah Uriaf Road, and spans 3,217 square meters. The land has a total book value of SAR 59.67 million.

 

The company said the transaction aligns with its strategy to develop Masar Destination, as the buyer plans to build a hospitality tower on the plot.

 

Proceeds from the sale will be used to finance working capital requirements and ongoing projects.

 

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

 

Since its listing on the Main Market (TASI), Masar has completed land sales and signed reservation agreements for several plots within Masar Destination in Makkah, as shown in the table below:

 

Details of Land Sale Transactions in Masar Destination

Announcement Date

Land Area (sqm)

No. of Plots

Sale Value (SAR mln)*

Book Value (SAR mln)

June 29, 2025

2,500.11

1

255.76

128.07

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

Nov. 17, 2025**

3,000.00

1

227.22

--

Nov. 18, 2025

2,861.79

1

204.62

103.89

Nov. 19, 2025**

6,757.97

2

216.87

--

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

June 29, 2026

6,614.00

2

462.11

255.93

July 12, 2026

7,387.00

3

441.10

--

Sept. 16, 2026

2,500.00

1

168.91

76.01

Sept. 21, 2026

12,157.00

4

603.76

259.47

Sept. 22, 2026

3,835.31

1

220.61

120.90

Sept. 29, 2026

4,947.00

2

310.44

143.74

Sept. 30, 2026

2,750.00

1

183.74

82.68

Oct. 1, 2026

3,341.00

1

251.77

124.00

Oct. 26, 2026

3,217.00

1

138.98

59.67

*Excludes taxes and fees payable by the buyer.

** Reservation agreement.

***The agreement expired without the transaction being completed.

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