Umm Al-Qura for Development and Construction Company (Masar) has signed three reservation agreements to sell land plots within the Masar Destination,  a mixed-use development in Makkah, for 689.3 million Saudi riyals ($183.8 million).

Alinma First Development Company and Al-Inma Second Development Co., the special purpose vehicles (SPVs) for Masar-owned Alinma Makkah Development Fund I and II, signed the agreements with Madar Al-Tase'e Company, a SPV of a real estate fund managed by Alistithmar Capital, the developer said in a statement to the Saudi stock exchange.

The two plots cover 6,613.58 square meters, where the fund is likely to develop residential units. 

The first and second plots were sold for SAR 261 million and SAR 201 million, respectively.

In a separate statement, Masar signed another reservation agreement to sell a 3,000 sq m land plot within the Masar Destination for SAR 227 million.

The agreement was signed with Sanduq Sharq Al-Asemah Co., a SPV of a real estate fund managed by Alistithmar Capital, to develop hospitality units, the statement said.

(Editing by Anoop Menon)

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