Masar sells two land plots in Masar Destination for SAR 462.1M

Umm Al Qura for Development and Construction Co., known as Masar, sold two reserved land plots within Zone 1 of its Masar Destination mega-project for a combined SAR 462.11 million, the company said.

The first plot went for SAR 260.97 million, and the second for SAR 201.14 million. Both are located in the same zone of the project, which is being developed in Mecca.

The sales bring in cash to the developer as construction work continues on the mixed-use destination. Masar did not name the buyer for either plot or specify how the proceeds will be deployed.

The project covers a large area with residential, commercial, and hospitality components. These are the first land sales reported from Zone 1.