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Masar says strong demand supports its plans to remarket the same land plot
Umm Al Qura for Development and Construction Co. (Masar)—owner, developer and operator of Masar Destination project—terminated a land sale agreement with Tomooh Al Khaleej Financial Co. on Jan. 25, it said in a statement to Tadawul.
Masar noted the buyer’s breach of a material contractual obligation outlined in contract terms and conditions.
The developer expects a decline of SAR 264.94 million in revenue for 2025 and a SAR 119.03-million drop in net profit.
The statement, however, added that there is no material impact on the company’s targeted profitability levels over the period.
Given the strong demand for the available investment opportunities in Masar Destination, the company is committed to executing another transaction for the same land plot with a different investor.
In June 2025, Masar signed a land sale agreement within the project’s scope in Makkah, covering an area of 2,703.50 square meters, with Tomooh Al Khaleej for SAR 264.94 million, excluding taxes and fees borne by the buyer, data compiled by Argaam showed.
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