Masar sells 2 land plots in Destination project for SAR 410.3M

09/07/2025 Argaam
Logo ofUmm Al Qura for Development and Construction Co. (Masar)

Logo of Umm Al Qura for Development and Construction Co. (Masar)

Umm Al Qura for Development and Construction Co. (Masar) signed an agreement to sell two land plots at the Masar Destination project in Makkah, valued at SAR 235.1 million (excluding taxes and fees, which will be borne by the buyer).

 

The two plots span 5,368.97 square meters, the company said in a statement to Tadawul, adding that the buyer is Wejhat Real Estate Development Co.

 

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Masar noted that the book value of the asset is SAR 132.4 million.

 

The first plot is owned by Masar, while the second is owned by Alinma Development II Ltd., a special purpose vehicle of Alinma Makkah Real Estate Fund that is fully owned by Masar.

 

The two deals are part of Masar’s development strategy, with the buyers planning to develop two residential towers, the company said. It expects the transaction to have a positive impact on liquidity and financial performance.

 

The proceeds from the sales will be utilized to finance working capital and ongoing projects, the statement said, noting that Abdulaziz Al Rasheed is a related party due to an indirect interest, as he serves as Vice Chairman of Dinar, the fund manager.

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