Alandalus constructs commercial center in Makkah for SAR 831 million including land value

Alandalus Property Co. began construction of a qualitative commercial center in Makkah, at a total estimated cost of SAR 831 million including the value of land.

In a statement to Tadawul, the company said that the project will be financed mainly by bank loans through the project company, and partly through the partners’ own resources.

The board of directors of the project company, Masat Property Co., decided to appoint Hamat Holding Co., a related party, as the developer of the project, the statement added.

The required building permit was obtained from the municipality, and construction and structural works have started, the statement noted.

The developer added that the optimal final engineering design for the project was chosen from a group of designs prepared by the most skilled engineering offices in the Kingdom.

According to the engineering design, the project includes an estimated rental area of 50,650 square meters and 350 rental units, including major showrooms, retail outlets, a hypermarket, an entertainment area, and an indoor and outdoor café and restaurant area. It consists of two floors and a multi-level parking building with approximately 1,800 parking spaces.

The project is expected to be delivered during the first quarter of 2027 and will have a financial impact on the company’s results upon commercial operation of during the second quarter of 2027, the statement added, indicating that its partner, Burooj International Co., is a related party.

According to data compiled by Argaam, Masat Property, which is 25% owned by Alandalus and 75% by Burooj International, purchased a land located in Umm Jurfan district (New Naqa) southwest of Makkah, on the Fourth Ring Road (Al-Raafa Scheme), for a total value of SAR 174.2 million, to be used in a joint real estate project.