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Umm Al Qura for Development and Construction Company said on Sunday it has sold two plots of land within its flagship Masar destination in Makkah for 275 million Saudi riyals ($73 million) to Aswar Alpha Co., a special purpose vehicle (SPV) managed by Riyadh-based Alpha Capital.
The plots, totaling 5,500 sqm, were sold by Al-Inma First Development Co. and Al-Inma Second Development Co., the SPVs for Al-Inma Makkah Development Fund I and II, both owned by Umm Al Qura, the company said in a stock exchange statement.
Aswar Alpha has earmarked the plots for residential tower development, it said.
The assets carry a book value of SAR 146 million ($39 million), the statement added.
Earlier this month, Umm Al Qura signed two pre-reservation agreements with Mosa bin Abdul Aziz Al-Mosa & Sons Group Real Estate Holding to develop two projects worth over SAR 1.3 billion ($346.5 million) within the destination.
Masar, which spans 1.2 million sqm, is a mixed-use urban development combining hospitality, retail, cultural, entertainment, and residential components to serve residents, pilgrims, and visitors to Makkah.
(Writing by SA Kader; Editing by Anoop Menon)
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