Asas Makin Real Estate Development and Investment Company announced today the signing of an important strategic contract to sell three of its residential buildings within its flagship project “Makin”, to Al Raya Real Estate Company, in a move that reflects the increasing activity in the Saudi real estate market.
The company clarified in an official statement published on the Saudi Stock Exchange (Tadawul) website that the total value of the contract is SAR 77.14 million . The company indicated that the contract stipulates the completion of the transfer of ownership of the sold units within a period not exceeding 60 days from the date of signing, reflecting the speed and efficiency of the regulatory procedures followed.
In detailing the transaction, Asas Makin stated that the sale includes three residential buildings comprising a total of 81 residential units . These units are located within the Makin 63 project in the Al-Aarid district of Riyadh. Al-Aarid is one of the vibrant and developing districts in the north of the capital, witnessing increasing investment and residential demand due to its strategic location and advanced infrastructure.
Financial impact and future prospects
Regarding the financial impact of this transaction, Asas Makin expects the sale to positively affect the company's financial statements and operating results, starting from the fourth quarter of the current fiscal year . This move will strengthen the company's cash flow and support its expansion plans in future real estate development projects.
The context of real estate growth in the Kingdom
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. The city of Riyadh, and specifically the northern districts such as Al-Aridh, is a hub for this activity, with real estate developers competing to offer high-quality residential products that meet the increasing demand from citizens and investors.
Business-to-business (B2B) sales deals, such as the deal between Asas Makin and Aamal Al Raya, reflect the maturity of the real estate market and its ability to absorb huge investments, as real estate companies seek to recycle their assets and maximize investment returns, which contributes to injecting more housing units into the market and raising the rate of homeownership, which is one of the main objectives of the National Housing Program.
In conclusion, the “Makin 63” project represents a model for modern residential projects that aim to provide a high quality of life for residents, and this deal confirms the mutual confidence between developers and investors in the strength of the Saudi economy and the attractiveness of the real estate sector as a safe and profitable investment channel.
