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Asas Makeen Real Estate Development and Investment has signed a contract to sell three residential buildings located within its Makeen 63 project. The transaction carries a total value of SAR 77.1 million, as disclosed in a recent regulatory filing. While specific details regarding the buyer and transaction timeline were not shared, the deal involves completed residential assets within an active development. The move aligns with the company's ongoing strategy of monetising selected properties from its portfolio while continuing to focus on residential development and investment across Saudi Arabia.
Asas Makeen Real Estate Development and Investment has entered into an agreement to sell three residential buildings within its Makeen 63 project, according to a regulatory filing released recently. The company informed the market that the transaction relates specifically to residential assets that form part of the larger Makeen 63 development. Advertisement
The total contract value for the sale stands at SAR 77.1 million. The company did not disclose the identity of the buyer or the individual size and configuration of the three buildings involved in the transaction. It also did not provide a timeline for completion or the expected handover schedule.
Makeen 63 is one of Asas Makeen's ongoing residential developments and forms part of its broader portfolio focused on urban housing projects. The company has been actively developing and monetising residential assets in recent years, aligning with demand for completed and income-generating housing stock. The sale of these buildings reflects a continuation of this approach, where selective asset disposals are used to manage capital and support future development plans.
Asas Makeen is listed on the Saudi exchange and operates across real estate development, investment, and property management. Its projects typically include residential buildings aimed at mid-market buyers, with a focus on planned communities and structured developments.
Source Reuters
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