Saudi-based Umm Al Qura for Development and Construction Company has signed a land sale agreement with Numu, a leading developer of sustainable lifestyle destinations, for the development of a serviced apartment tower in the central district of Masar Destination in Makkah at a total investment of SAR700 million ($185 million). 

The project will feature approximately 460 hospitality units along with other premium amenities, said Umm Al Qura, the owner, developer and operator of the Masar Destination, in its Saudi bourse filing. Numu will be carrying out the development works for the project.

The agreement supports Umm Al Qura for Development and Construction’s efforts to attract high-quality investments to Masar Destination and expand its hospitality offerings in response to the growing demand for accommodation in Makkah. 

Masar Destination is one of the city’s prominent urban developments that brings together residential, hospitality, retail, and service offerings within an integrated destination supported by modern infrastructure and amenities. 

Umm Al Qura inked a similar agreement with Rawajeh Group for the development of a residential tower in Zone 2 of Masar Destination, at an investment of SAR500 million. 

The project will feature 250 residential units along with premium lifestyle amenities, said the developer in a statement.

A leading investment and real estate group, Rawajeh has a major presence in more than 11 countries. 

It currently has a portfolio of SAR5 billion projects in value, encompassing over 1 million sq m under development in Riyadh, Makkah, the Eastern Province, and Madinah, alongside a range of other developments across the kingdom.

The agreement reflects Umm Al Qura’s ongoing efforts to attract quality investments to the destination and to expand its portfolio of real estate offerings that respond to evolving market demands, it added.