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Umm Al Qura for Development and Construction Company (Masar) has signed reservation agreements to sell three land plots within its Masar Destination project in Makkah for a total value of SAR 441.1 million. The agreements are part of the company's ongoing strategy to attract private investment into the mixed-use development. The reservation agreements will remain valid until November 1, 2026, during which the parties are expected to complete the final sale transactions. The latest deal follows a series of land transactions announced by the company in recent months as development activity at the project continues.
Umm Al Qura for Development and Construction Company (Masar) has signed reservation agreements to sell three plots of land within its Masar Destination project in Makkah for a combined value of SAR 441.1 million. The company disclosed that the agreements are part of its ongoing land sales programme within the large-scale mixed-use destination.
According to the company's disclosure, the reservation agreements will remain valid until November 1, 2026. During this period, the parties are expected to complete the required procedures and execute the final sale agreements for the three plots.
The latest transaction adds to a series of land monetisation initiatives undertaken by Masar over the past year. Recently, the company completed the sale of two plots within the Masar Destination for SAR 462.1 million, with the proceeds expected to strengthen liquidity and support ongoing development activities across the project.
Masar Destination is one of Saudi Arabia's major urban redevelopment projects in Makkah. The mixed-use development includes residential, hospitality, commercial and retail components and is being developed to support the city's long-term growth while accommodating increasing numbers of residents and visitors. The project also aligns with Saudi Arabia's Vision 2030 plans to expand infrastructure and improve services for pilgrims and tourists.
The company has continued to sign reservation and sale agreements with developers and real estate investment funds over the past year to accelerate development within the destination. Previous transactions have involved residential and hospitality projects, reflecting continued investor interest in the master-planned development.
Source Reuters
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