Masar continues monetizing land assets within its flagship Makkah development; the sold land plot will be developed into a residential tower as part of the project’s master plan.
Umm Al Qura for Development and Construction Co. (Masar) signed on Feb. 12 an agreement to sell a land plot, spanning 2,915.80 square meters within the Masar Destination project in Makkah for a total value of SAR 89.46 million (excluding taxes and fees, which will be borne by the buyer), according to a statement to Tadawul. 
The first party is Al-Inma Second Development Co. Ltd.—the SPV for Masar-owned Alinma Makkah Development Fund II), while the second party is Arabian Dyar Real Estate Development Co.
The book value of the land plot stands at SAR 40.30 million, and accordingly, the company would generate a capital gain of SAR 49.16 million. The agreement supports the implementation of Masar Destination’s development strategy through the buyer’s development of a residential tower. The deal is expected to reflect positively on liquidity and financial results.
The proceeds from the asset sale will be used to finance working capital and ongoing projects, said the company, confirming that no related parties are involved.
According to data available on Argaam, Masar sold 29 land plots within the Masar Destination project in Makkah since its listing on the Main Market in March, with total proceeds reaching SAR 4.67 billion, as shown in the following table:
Details of Land Sale Transactions
Date
Land Area (sqm)
Number of Land Plots
Sale Value (SAR mln)*
Asset 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
180.67
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
—
Nov. 18, 2025
2861.79
1
204.62
103.89
Nov. 19, 2025**
11245.35
3
427.63
—
Nov. 20, 2025**
3061.58
1
91.85
—
Dec. 28, 2025
7408.58
2
228.41
93.39
Feb. 12, 2026
2915.80
1
89.46
40.30
**A reservation agreement
***The contract was terminated in January due to the buyer’s breach of a material contractual obligation.
According to the prospectus, the company aims to sell 111 land plots out of a land bank of 205 plots, targets to lease 28 properties, and plans to develop 14 properties directly, in addition to developing 52 properties in partnership with strategic partners.
Masar continues monetizing land assets within its flagship Makkah development; the sold land plot will be developed into a residential tower as part of the project’s master plan.
Umm Al Qura for Development and Construction Co. (Masar) signed on Feb. 12 an agreement to sell a land plot, spanning 2,915.80 square meters within the Masar Destination project in Makkah for a total value of SAR 89.46 million (excluding taxes and fees, which will be borne by the buyer), according to a statement to Tadawul.
The first party is Al-Inma Second Development Co. Ltd.—the SPV for Masar-owned Alinma Makkah Development Fund II), while the second party is Arabian Dyar Real Estate Development Co.
The book value of the land plot stands at SAR 40.30 million, and accordingly, the company would generate a capital gain of SAR 49.16 million. The agreement supports the implementation of Masar Destination’s development strategy through the buyer’s development of a residential tower. The deal is expected to reflect positively on liquidity and financial results.
The proceeds from the asset sale will be used to finance working capital and ongoing projects, said the company, confirming that no related parties are involved.
According to data available on Argaam, Masar sold 29 land plots within the Masar Destination project in Makkah since its listing on the Main Market in March, with total proceeds reaching SAR 4.67 billion, as shown in the following table:
Details of Land Sale Transactions
Date
Land Area (sqm)
Number of Land Plots
Sale Value (SAR mln)*
Asset 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
180.67
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
—
Nov. 18, 2025
2861.79
1
204.62
103.89
Nov. 19, 2025**
11245.35
3
427.63
—
Nov. 20, 2025**
3061.58
1
91.85
—
Dec. 28, 2025
7408.58
2
228.41
93.39
Feb. 12, 2026
2915.80
1
89.46
40.30
**A reservation agreement
***The contract was terminated in January due to the buyer’s breach of a material contractual obligation.
According to the prospectus, the company aims to sell 111 land plots out of a land bank of 205 plots, targets to lease 28 properties, and plans to develop 14 properties directly, in addition to developing 52 properties in partnership with strategic partners.
