Saudi-based Alramz Real Estate Company has announced the official launch of its Masar Corner project in Makkah with preliminary reservations for off-plan units reaching around SAR670 million ($178.7 million) by the end of the launch day.

The project, being developed in partnership with Ramz Al Hijaz Fund Company, an investment fund in which Alramz holds a 50% stake and which is managed by Al Rajhi Capital, is located within the Masar destination in Makkah, said the company in its Saudi bourse filing.

Masar Corner comprises two towers with a total of 541 residential, commercial and service units and a gross built-up area of about 125,000 sq m. Completion and handover are expected in 2029, it stated.

Alramz said preliminary reservations 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.

Alramz said the project forms part of its strategy to expand geographically, diversify its development portfolio and pursue real estate opportunities in major Saudi cities and strategic destinations.

The project launch was held recently in Riyadh, which was attended by more than 400 representatives from the real estate and banking sectors, investment funds and asset managers, as well as investors from inside and outside Saudi Arabia.

A roundtable on global fund investment opportunities in Makkah and Madinah was also held on the sidelines of the event.

Alramz said the financial impact of the project is expected to be reflected gradually in its results from 2026 through 2029, in line with construction progress and once the relevant accounting recognition criteria are met.-TradeArabia News Service