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Alandalus Property Co. Announces establish a qualitative commercial center project in the Makkah Al-Mukarramah region through the joint venture company Masat Property Co. which the company’s owns 25%
| Element List | Explanation |
|---|---|
| Introduction | In reference to the company’s announcement published on the Tadawul website on 30/06/2021 regarding the purchase of the land located in the Umm Jurfan neighborhood (Al-Naqa Al-Jadeed) southwest of Makkah Al-Mukarramah, on the Fourth Ring Road (Al-Rafa plan), and its total area (127,434.10) square meters, through the company Masat Property Co., which the company’s owns 25% of its capital, while Buroj International Company (a related party) owns 75% of its capital. Alandalus Property Co. Announces begin on construction of a qualitative commercial center in the Makkah Al-Mukarramah region with a total estimated cost of the project (831) million Saudi riyals including the value of land The Board of Directors of Masat Property Co. (the project company) decided to appoint Hamat Holding Co. (a related party) as the developer of the aforementioned project. According to the developer’s report, the optimal final engineering design for the project was chosen from a group of designs prepared by the most skilled engineering offices in the Kingdom. According to the engineering design, the project includes an estimated rental area of (50,650) square meters. The project includes (350) rental units, including major showrooms, retail outlets, a hypermarket, an entertainment area, and an indoor and outdoor café and restaurant area. It consists of two floors and a multi-level parking building with approximately 1,800 parking. The required building permit was also obtained by the Municipality, and construction and structural works began, And Any Materials development related to this project will be disclosed when it occurs. |
| Project Start Date | During the second quarter of 2024 |
| Project Cost | 831 million Saudi riyals including the value of land |
| Financing method for the project | The project will be financed mainly by relying on bank loans through the project company, and partly through the partners’ own resources. |
| Expected completion date of the project | The First quarter of 2027 |
| Expected Financial Impact of the Project on the Company’s Results | The project is expected to have an impact on the company’s financial results when it begins operating in the Second quarter of 2027. |
| The Start of the Expected Impact of the Project on the Company’s Results | Upon commercial operation of the project during the second quarter of 2027 |
| Expected Date for the Pilot Production of the Project to Begin | The Second quarter of 2027 |
| Duration of the pilot production of the project | Not apply |
| Expected date for the commercial production of the project | Not apply |
| Executing Party/Counter Party in the Project/Contract | The Developer: Hamat Holding Company |
| Related Parties | Partner: Burooj International Company |
| Additional Information | Any other material developments related to this Project will be disclosed in a timely manner. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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