In a move that strengthens its position in the Saudi real estate market, Asas Makin Real Estate Development and Investment Company today the signing of a full sale contract for its distinguished project “Makin 88” to “In Building”, a Saudi limited liability company, in a deal that reflects the vitality of the real estate sector in the Kingdom.
Financial details of the deal and timeline
In an official statement published on the Saudi Stock Exchange (Tadawul) website, the company clarified that the total value of the contract is SAR 61.9 million . The agreement includes a specific timetable for completing the necessary procedures. The company noted that the project's title deed will be transferred and registered in the buyer's name within a period not exceeding 45 days from the date of signing, reflecting the seriousness and speed with which the transaction will be completed.
Strategic location in the heart of urban growth
The Makin 88 project enjoys a prime strategic location in the Al-Aarid district of Riyadh, spanning an area of 8,800 square meters. Al-Aarid is one of the most attractive investment areas in northern Riyadh, a region currently experiencing a massive urban and development boom in line with Riyadh's strategy to double its population and expand its planned urban areas.
This location gains its importance from its proximity to the main axes and vital roads in the capital, which makes the land and existing projects in it have an increasing market value, which explains the investment value of the deal.
The implications of the deal on financial performance and the market
Regarding the financial impact, Asas Makin expects the proceeds from this transaction to be positively reflected in the company's financial statements, with the financial effect of the sale anticipated to appear in the results for the fourth quarter of the current fiscal year . The cash generated from the sale is considered a significant resource for the company, which may be used to reinvest capital in new development projects or strengthen its financial position.
Economic context and real estate sector
This deal comes at a time when the real estate sector in Saudi Arabia is experiencing remarkable growth, driven by the goals of Vision 2030 , which places great emphasis on the housing and real estate development sector. Such multi-million dollar transactions underscore investor confidence in the strength of the Saudi economy and the attractiveness of Riyadh's real estate market, particularly with the recent launch of major projects aimed at making Riyadh one of the top 10 city economies in the world.
