Riyadh – Mubasher: Alandalus Property Company began the construction process of a qualitative commercial centre in Makkah with a total estimated cost of SAR 831 million.
The board of Masat Property Company decided to appoint Hamat Holding Company as the developer of the joint project, according to a bourse disclosure.
The project covers an estimated rental area of 50,650 square metres. The 350 rental units include major showrooms, retail outlets, a hypermarket, an entertainment area, and an indoor and outdoor café and restaurant area.
The project is set to be completed during the first quarter (Q1) of 2027. Meanwhile, it is expected to have an impact on Alandalus Property’s financial results upon commercial operation in Q2-27.
In the first three months (3M) of 2024, the listed company’s net profits dropped by 66.90% to SAR 4.72 million from SAR 14.26 million a year earlier.
