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Umm Al-Qura Development and Construction Company announced the signing of agreements to sell 3 plots of land in the second area overlooking the King Abdulaziz South Road, within the destination of Masar, for the benefit of the Suguaik Real Estate Fund for the second opportunities, affiliated to the Close Ajdan Makkah Real Estate Fund, which is managed by the Capital Close Company, with the aim of developing 3 residential towers.
The company said in a statement published on "Tadawul Saudi" on Monday that the total value of the deal amounted to 441.1 million riyals, distributed over 3 plots of land, worth 145 million riyals for the first piece, 143.7 million riyals for the second, and 152.4 million riyals for the third.
The total area of the three lands is 7,387 square meters
According to the statement, the total area of the three lands is 7,387 square meters, distributed by 2,391 square meters for the first piece, 2,480 square meters for the second piece, and 2,517 square meters for the third piece, while the total book value is 214.3 million riyals.
The company pointed to the signing of the sales agreements on November 1, 2026, in continuation of the reservation agreements previously announced on July 12, 2026.
Thus, the value of the deal is close to double the book value of the three lands, exceeding it by about 226.8 million riyals, reflecting the difference between the value of the sale and the registered value of the land in the company’s books.
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