AI Summary
Logo of Umm Al Qura for Development and Construction Co.
Umm Al Qura for Development and Construction Co., the owner, developer and operator of Masar Destination, sold two land plots within Masar for SAR 228.4 million, excluding any associated taxes and fees which are borne by the buyer.
In a Tadawul statement, the company said the two plots span 7408,580 square meters (sqm), and their book values reach SAR 39.39 million.
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Details
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Item
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Details
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Buyer
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Arabian Dyar Real Estate Development Company
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Sale value of first land plot
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SAR 112.65 mln
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Book value of first land plot
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SAR 44.68 mln
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Sale value of second land plot
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SAR 115.76 mln
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Book value of second land plot
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SAR 48.70 mln
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Reasons for the transaction
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Executing the development strategy for Masar Destination through development of two residential towers by the buyer
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Financial impact
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Positive impact on liquidity and financial results
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Use of proceeds from asset sale
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Financing working capital and ongoing projects
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According to Argaam data, the company has sold 28 land plots at Masar since its listing on the Main Market (TASI) in March, for SAR 4.58 billion, as follows:
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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) |
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June 29, 2025 |
2,500.11 |
1 |
255.76 |
128.07 |
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June 30, 2025 |
2,703.50 |
1 |
264.94 |
145.92 |
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June 30, 2025 |
2,359.27 |
1 |
145.33 |
71.89 |
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July 9, 2025 |
5,368.97 |
2 |
235.05 |
132.40 |
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July 28, 2025 |
15,573.84 |
5 |
628.46 |
341.81 |
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Aug. 17, 2025 |
2,671.21 |
1 |
145.12 |
76.51 |
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Sept. 2, 2025** |
5,311.01 |
2 |
328.80 |
180.67 |
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Sept. 8, 2025** |
4,886.02 |
2 |
438.82 |
-- |
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Sept. 21, 2025 |
5,500.08 |
2 |
275.00 |
145.70 |
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Oct. 1, 2025** |
3,835.31 |
1 |
220.61 |
-- |
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Nov. 17, 2025** |
9,613.58 |
3 |
689.33 |
-- |
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Nov. 18, 2025 |
2,861.79 |
1 |
204.62 |
103.89 |
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Nov. 19, 2025** |
11,245.35 |
3 |
427.63 |
-- |
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Nov. 20, 2025** |
3,061.58 |
1 |
91.85 |
-- |
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Dec. 28, 2025 |
7408.58 |
2 |
228.41 |
93.39 |
*Excluding taxes and fees borne by the buyer.
**A reservation agreement
According to its prospectus, Masar 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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