Umm Al-Qura for Development and Construction Co. (Masar) signs three reservation agreements to sell land plots within the Masar Destination Project
Umm Al-Qura for Development and Construction Co. (Masar) said that Alinma First Development Co. Ltd. and Al-Inma Second Development Co. Ltd., the SPVs for Alinma Makkah Development Fund I and II that is fully owned by Masar, signed two reservation agreements to sell land plots within the Masar Destination project for a total of SAR 462.11 million. 
In a statement to Tadawul the company said that the agreements were signed with Madar Al-Tase’e Co., the SPV of a real estate fund managed by Alistithmar Capital.
The total area of the two plots amounts to 6,613.58 square meters. Masar stated that the value of the first plot is SAR 260.97 million, while the second plot is valued at SAR 201.1 million, for the purpose of developing residential units by the fund. The memorandum is set to expire on June 30, 2026, the statement added.
In a separate statement, the company announced signing another reservation agreement to sell a land plot within the Masar Destination project for a total of SAR 227.22 million.
The agreement was signed with Sanduq Sharq Al-Asemah Co., the SPV of a real estate fund managed by Alistithmar Capital, for the purpose of developing hospitality units by the fund.
As per the reservation agreements, the fund pays a deposit for the reservation of the plot of land with the plan to execute the final sale agreement during the duration of the reservation agreement.
The deals are expected to have a positive impact on liquidity from the receipt of the deposit upon signing the reservation agreements and a positive impact on the financial results upon completing the sale transactions or the expiry of the reservation agreements, both statements noted.
Any material developments related to this matter will be announced, the company said.
Since its listing on the Main Market (TASI) last March, Masar sold 21 land plots in the Masar Destination project for SAR 3.63 billion, according to data available withArgaam.
Details of Masar Land Sales in Masar Destination Project
Date
Land Area (sqm)
No. of Plots
Selling Value
(SAR mln)*
Asset’s Book Value
(SAR mln)
June 29, 2025
2500.11
1
255.76
128.07
June 30, 2025
2703.50
1
264.94
145.92
June 30, 2025
2359.27
1
145.33
71.89
July 9, 2025
5368.97
2
235.05
132.40
July 28, 2025
15573.84
5
628.46
341.81
Aug. 17, 2025
2671.21
1
145.12
76.51
Sept. 2, 2025**
5311.01
2
328.80
—
Sept. 8, 2025**
4886.02
2
438.82
—
Sept. 21, 2025**
5500.08
2
275.00
145.70
Oct. 1, 2025**
3835.31
1
220.61
—
Nov. 17, 2025**
9613.58
3
689.33
—
** Reservation agreement.
According to the company’s prospectus, Masar aims to sell 111 plots of land out of its total 205 land plots, lease 28 properties, and plans to develop 14 properties independently and develop 52 properties in partnership with strategic partners.
Umm Al-Qura for Development and Construction Co. (Masar) signs three reservation agreements to sell land plots within the Masar Destination Project
Umm Al-Qura for Development and Construction Co. (Masar) said that Alinma First Development Co. Ltd. and Al-Inma Second Development Co. Ltd., the SPVs for Alinma Makkah Development Fund I and II that is fully owned by Masar, signed two reservation agreements to sell land plots within the Masar Destination project for a total of SAR 462.11 million.
In a statement to Tadawul the company said that the agreements were signed with Madar Al-Tase’e Co., the SPV of a real estate fund managed by Alistithmar Capital.
The total area of the two plots amounts to 6,613.58 square meters. Masar stated that the value of the first plot is SAR 260.97 million, while the second plot is valued at SAR 201.1 million, for the purpose of developing residential units by the fund. The memorandum is set to expire on June 30, 2026, the statement added.
In a separate statement, the company announced signing another reservation agreement to sell a land plot within the Masar Destination project for a total of SAR 227.22 million.
The agreement was signed with Sanduq Sharq Al-Asemah Co., the SPV of a real estate fund managed by Alistithmar Capital, for the purpose of developing hospitality units by the fund.
As per the reservation agreements, the fund pays a deposit for the reservation of the plot of land with the plan to execute the final sale agreement during the duration of the reservation agreement.
The deals are expected to have a positive impact on liquidity from the receipt of the deposit upon signing the reservation agreements and a positive impact on the financial results upon completing the sale transactions or the expiry of the reservation agreements, both statements noted.
Any material developments related to this matter will be announced, the company said.
Since its listing on the Main Market (TASI) last March, Masar sold 21 land plots in the Masar Destination project for SAR 3.63 billion, according to data available withArgaam.
Details of Masar Land Sales in Masar Destination Project
Date
Land Area (sqm)
No. of Plots
Selling Value
(SAR mln)*
Asset’s Book Value
(SAR mln)
June 29, 2025
2500.11
1
255.76
128.07
June 30, 2025
2703.50
1
264.94
145.92
June 30, 2025
2359.27
1
145.33
71.89
July 9, 2025
5368.97
2
235.05
132.40
July 28, 2025
15573.84
5
628.46
341.81
Aug. 17, 2025
2671.21
1
145.12
76.51
Sept. 2, 2025**
5311.01
2
328.80
—
Sept. 8, 2025**
4886.02
2
438.82
—
Sept. 21, 2025**
5500.08
2
275.00
145.70
Oct. 1, 2025**
3835.31
1
220.61
—
Nov. 17, 2025**
9613.58
3
689.33
—
** Reservation agreement.
According to the company’s prospectus, Masar aims to sell 111 plots of land out of its total 205 land plots, lease 28 properties, and plans to develop 14 properties independently and develop 52 properties in partnership with strategic partners.
