Saudi-based Umm Al Qura for Development and Construction Company and Alinma Development II, a special purpose vehicle of Alinma Makkah Real Estate Fund, have signed sales agreements with Arabian Dyar Company for four prime land plots located within the Masar Destination project in Makkah for SAR603.76 million ($160 milllion).

The four land plots are located in Zone 3 and do not overlook the pedestrian boulevard. They have a total area of 12,157 sq m, said Masar in its filing to Saudi bourse Tadawul.

The first plot of land spans 2,831 sqm; the second 2,820 sqm, the third plot is 2,570 sqm and the fourth plot of land spans 3,936 sqm, it stated.

The company said the transaction is part of the Masar destination development strategy, with the buyer set to develop three residential towers and a hospitality tower.

The company expects the transaction to have a positive impact on liquidity and financial results, noting that proceeds from the asset sale will be used to finance working capital and ongoing projects.-TradeArabia News Service