Umm Al Qura Development and Construction Company “Masar” announced the completion of the implementation of agreements to reserve and sell three plots of land in the second area of Masar destination in Makkah Al-Mukarramah, overlooking King Abdulaziz Road South, for the benefit of Wathiq Real Estate Opportunities Fund II, with a total value of 441.09 million riyals, with the aim of developing three residential towers.
The company explained in a statement yesterday that the deal was concluded with the special purpose vehicle of the Wathiq Ajdan Makkah Real Estate Fund, which is managed by Wathiq Financial Company, noting that the sale value was distributed among the three lands according to their locations and areas.
The first plot of land was sold for 145 million riyals, the second plot for about 143.73 million riyals, and the third plot for 152.37 million riyals.
In contrast, the total book value of the sold lands amounted to approximately 214.3 million riyals, distributed as follows: 71.15 million riyals for the first plot, 68.86 million riyals for the second plot, and 74.30 million riyals for the third plot.
The three plots cover a total area of 7,387 square meters, with the first plot measuring 2,391 square meters, the second 2,480 square meters, and the third 2,517 square meters.
This step comes as a continuation of what Umm Al Qura Development and Construction Company announced on July 12, 2026, regarding the signing of reservation agreements to sell the three plots of land within the Masar destination, leading to the implementation of the sales agreements and the development of the sites through the construction of three residential towers.
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