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Umm Al-Qura Development and Construction Company signed agreements to sell three plots of land in the second area overlooking the King Abdulaziz South Road within the direction of Masar, with the Sugeiq Real Estate Fund Company for the second opportunities, affiliated to the Close Ajdan Makkah Real Estate Fund managed by the Capital Company, for the purpose of developing three residential towers.
The company said in a statement on "Tadawul Saudi" on Monday that the total value of the deal amounted to 117.6 million dollars (441.1 million riyals), distributed over three plots of land, worth 38.7 million dollars (145 million riyals) for the first land, 38.3 million dollars (143.7 million riyals) for the second land, and 40.6 million dollars (152.4 million riyals) for the third land.
She added that the total area of the three lands is 7,387 square meters, while the total book value is $ 57.1 million (214.3 million riyals).
She pointed out that the sales agreements were signed on November 1, 2026, in continuation of the reservation agreements that were previously announced on July 12, 2026.
The total value of the deal is about double the book value of the three lands, with a difference of $60.5 million (SR 226.8 million) between the value of the sale and the book value.
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