Saudi-based Umm Al Qura for Development and Construction Company and Alinma Development II, a special purpose vehicle of Alinma Makkah Real Estate Fund, fully owned by Masar, signed four sale agreements for four land plots at the Masar Destination project in Makkah with Arabian Dyar Company.

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 total transaction value amounts to SAR603.76 million ($160 milllion), excluding taxes and fees payable by the buyer.

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.