Umm Al Qura for Development and Construction Company has extended 2 reservation agreements with Mousa Abdulaziz Al Mousa & Sons Real Estate Holding Group for the sale of 2-plots within its premium Masar Destination in Makkah.
The Masar Destination, billed as a landmark urban project being developed by Umm Al Qura, offers a diverse range of amenities, including hospitality, commercial, retail, and residential spaces, as well as cultural centers. Spanning over 1.2m sqm, it serves as an integrated gateway directly leading to the Grand Mosque, said a statement.
The extension of the reservation agreements was made due to procedural reasons related to the 2-plots of land, as stated by Umm Al Qura for Development and Construction Company in its filing to Saudi bourse Tadawul.
The agreement was reached in collaboration with Al Inma First Development Company, the special purpose vehicle for the Al Inma Makkah Development Fund I, a unit of Umm Al Qura.
This transaction is closely linked to the development of hospitality units within Masar development. The reservation agreements have been extended until 9 April, provided that the final sale agreements will be executed within the validity period of the reservation agreements.
