Logo ofUmm Al Qura for Development and Construction Co. (MASAR)
Umm Al Qura for Development and Construction Co. (MASAR) announced signing an agreement to sell a land plot within the Masar Destination project in Makkah. 
For more news and details on the projects
The land plot covers a total area of 2,671.2 square meters (sqm), at a total transaction value of SAR 145.12 million (excluding real estate transaction tax and any other fees payable by the buyer).
The buyer is Jazeel Al-Binaa Co. (a special purpose vehicle owned by a real estate fund managed by SEDCO Capital), with an asset book value (BV) of SAR 76.5 million.
The transaction aimed to implement the development strategy of the Masar Destination through the buyer’s development of a residential tower.
Proceeds from the asset sale will be used to finance working capital as well as the ongoing projects.
The relevant financial impact will positively appear on liquidity and the company’s financial results.
The sale gains will amount to SAR 68.62 million, Argaam reported.
Logo ofUmm Al Qura for Development and Construction Co. (MASAR)
Umm Al Qura for Development and Construction Co. (MASAR) announced signing an agreement to sell a land plot within the Masar Destination project in Makkah.
For more news and details on the projects
The land plot covers a total area of 2,671.2 square meters (sqm), at a total transaction value of SAR 145.12 million (excluding real estate transaction tax and any other fees payable by the buyer).
The buyer is Jazeel Al-Binaa Co. (a special purpose vehicle owned by a real estate fund managed by SEDCO Capital), with an asset book value (BV) of SAR 76.5 million.
The transaction aimed to implement the development strategy of the Masar Destination through the buyer’s development of a residential tower.
Proceeds from the asset sale will be used to finance working capital as well as the ongoing projects.
The relevant financial impact will positively appear on liquidity and the company’s financial results.
The sale gains will amount to SAR 68.62 million, Argaam reported.
