Umm Al-Qura Sells Two Plots to Al-Rossais to Develop Two Residential Towers for SAR 1.2 Billion

Umm Al-Qura for Development and Construction signed an agreement to sell two plots of land in the second zone of "Masar Destination" to "Abdulmohsen Al-Rossais & Sons Group." The purchasing group will develop the project with an investment value of approximately SAR 1.2 billion, according to Argaam, making the deal one of the major transactions within the destination. The transaction comes within an area witnessing increasing sales and development activity.

The development includes two residential towers overlooking the walkway, featuring around 534 apartments. The scale of the units renders the project one of the prominent residential projects within "Masar Destination", giving buyers units overlooking a pedestrian path within the destination, which serves as an attraction in modern residential projects.

The group stated that this investment reflects its confidence in the opportunities offered by "Masar Destination". The destination encompasses multiple areas designated for residential, commercial, and hospitality uses, attracting developers and real estate investors in Makkah due to its prime location within the city and its accompanying service projects.

The agreement comes amid continuous sales and development activity within "Masar Destination". These transactions reflect investor interest in the destination's projects that combine housing and services, supporting the supply of units in Makkah's real estate market, which experiences ongoing demand from both residents and visitors. The project's scale and number of units indicate developers' orientation toward medium-sized residential projects within the destination.

What do these terms mean?

"Masar Destination" is a major development project in Makkah containing residential, commercial, and hospitality areas. The investment value is an estimate of the amount of funds injected by the developer into the project. The walkway is a pedestrian pathway bordered by commercial and residential storefronts, serving as an attractive feature in modern projects.