SAUDI-based Alramz Real Estate Company last month (October) announced the official launch of its prime project - Masar Corner - in Makkah featuring two towers with a total of 541 residential, commercial and service units.

The project, with a gross built-up area of about 125,000 sq m, is located within the Masar Destination, a mega development of Umm Al Qura for Development and Construction Company, in Makkah.

It is being implemented in partnership with Ramz Al Hijaz Fund Company, an investment fund in which Alramz holds a 50 per cent stake and is managed by Al Rajhi Capital, said the company in its Saudi bourse filing.

Set for completion and handover in 2029, Masar Corner received preliminary reservations for off-plan units worth SAR670 million ($178.7 million) by the end of the launch day. Alramz said these came from customers in 51 countries, against the backdrop of Saudi Arabia’s recently established framework governing real estate ownership by non-Saudis, including provisions applicable to Makkah.

The project forms part of the Saudi group’s strategy to expand geographically, diversify its development portfolio and pursue real estate opportunities in major Saudi cities and strategic destinations, it stated.

In another development, Umm Al Qura for Development and Construction Company has announced the sale of two prime plots of land within Zone 2 of Masar Destination for a combined value of about SAR436 million. 

The buyers – Makkiyoon Urban Developers and Sanduq Sharq Alaseemah – plan to develop a hospitality tower on each site.