Osus To Develop $266 Million Residential Project At Makkah’s Masar Destination

Dubai (PlantAndEquipment.com) - Umm Al Qura for Development and Construction has entered into a land sale agreement with Osus Real Estate for three plots at the Masar Destination project in Makkah that would lead to a residential development costing SAR1 billion ($266 million).

The project will consist of three residential towers with 690 apartments and will be situated in Zone Three of Masar Destination, one of the regions closest to the project’s commercial center.

The program will be built via a real estate investment fund administered by Al Rajhi Capital.

Masar Destination, one of the biggest urban projects in Makkah, spans over 1.2 million square meters and includes residential, hotel, commercial and service components as part of the city's continuing transformation.

Umm Al Qura said the deal is part of its ambition to attract high quality investments and diversify its residential offers in the master-planned community.