Makkah, Saudi Arabia — Umm Al Qura for Development and Construction has finalized land sales worth over SAR 410 million as part of the Masar Destination land sale strategy in Makkah. These transactions reflect growing investor demand for residential towers near religious landmarks and support ongoing project development.
In a statement to Tadawul Saudi on Monday, Masar confirmed the first land sale to Tamouh Al Khaleej Financial Company. The plot covers 2,703.50 square meters and sold for SAR 264.94 million. Notably, the buyer plans to develop a residential tower, which aligns with Masar’s mixed-use growth strategy for the Masar Destination project.
Second Masar Destination Land Sale Highlights Capital Gains
In a separate deal, Masar sold another plot measuring 2,359.27 square meters for SAR 145.33 million. The book value of this land stood at SAR 71.89 million. As a result, the transaction delivered a significant capital gain.
The second sale involved Alinma First Development Limited, the entity holding assets for the Alinma Makkah First Development Fund, which Umm Al Qura fully owns. Furthermore, the buyer, Wethaq Retal Roya Al Haram Real Estate Fund, managed by Wethaq Financial Company, will develop a residential tower on the site.
Masar Destination Land Sale Boosts Liquidity and Growth Prospects
Masar expects both land sales to enhance liquidity and support future project development. The proceeds will help fund working capital and ongoing investments within the Masar Destination.
The Masar Destination project is a large-scale urban development near the Grand Mosque in Makkah. It aims to improve infrastructure, expand residential offerings, and support visitor services. Moreover, the project contributes to Makkah’s long-term urban growth under Vision 2030.
These land sales demonstrate investor confidence in Makkah’s real estate market. They also highlight the steady demand for high-value residential projects close to key religious landmarks.
The Saudi Standard’s View: Land Sales Reflect Market Confidence
Masar’s latest land sales reflect two clear trends. First, demand for residential towers in prime Makkah locations continues to grow. Second, Umm Al Qura is leveraging its real estate portfolio to strengthen liquidity without raising external capital.
The price appreciation on the second plot, which nearly doubled its book value, demonstrates effective asset management. Additionally, reinvesting proceeds into working capital aligns with Masar’s long-term expansion plans.
These actions directly support Vision 2030’s efforts to modernize Makkah’s urban landscape. Nevertheless, sustained market demand and careful project execution will determine lasting value for stakeholders.
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