Masar wraps up sale of 2 land plots, books SAR 148.1M gains

Masar sold 2 land plots for SAR 328.8 mln

Umm Al Qura for Development and Construction Co. (Masar) completed the sale of two land plots to Shulat Al-Wadi Real Estate Co., a special purpose vehicle (SPV) of a real estate fund managed by SEDCO Capital, within the Masar Destination project, for a total agreed sale value of SAR 328.8 million.

According to a statement to Tadawul, the first plot is valued at SAR 195.3 million, and the second SAR 133.5 million.

The combined book value of the two plots stands at SAR 180.67 million—first plot’s book value at SAR 107.62 million and the second at SAR 73.04 million.

The company generated a capital gain of SAR 148.13 million from the sale of the two plots, Argaam calculations showed.

On Sept. 1, 2025, Masar inked two reservation agreements to sell the two land plots with a total area of 5,311 square meters within the Masar Destination project to Shulat Al-Wadi Real Estate Co. for SAR 328.8 million.

Masar sold 22 land plots within the Masar Destination project in Makkah since its listing on the Main Market last March, with a total value of SAR 3.83 billion, as shown in the following table:

**A reservation agreement

According to the prospectus, the company aims to sell 111 land plots out of a land bank of 205 plots, targets to lease 28 properties, and plans to develop 14 properties directly, in addition to developing 52 properties in partnership with strategic partners.