Ladun partners with Mawten to develop real estate project in Makkah

08/10/2024 Argaam
Logo ofLadun Investment Co.

Logo of Ladun Investment Co.

Ladun Investment Co. signed a partnership today, Oct. 8, with Mawten Real Estate Co. to develop a mixed-use project in Makkah, according to a Tadawul statement.

 

The project includes 935 luxury serviced residential units, which will be sold off-plan, along with commercial shops and showrooms.

 

For more news and details on the projects

 

The four-year contract has an estimated investment of SAR 827 million.

 

Ladun expects the contract to positively impact its financial results from 2025 to 2028.

 

There are no related parties to the deal, the statement added.

 

The project is located opposite the Haramain Train Station, next to the Masar destination project. It covers 6,580 square metres and has a building permit for a 25-floor residential/commercial tower with 935 units, shops, showrooms, and services.

 

Ladun holds a 30% stake in the project land and will share the same percentage in costs and profits.

 

The company will manage development, marketing, and sales in collaboration with Mawten Real Estate.

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