Riyadh – Mubasher: Alandalus Property Company has announced an update on its joint venture development with Masat Real Estate Company, according to a bourse filing.
The listed firm confirmed that construction of Al Huda Park project in Makkah has reached a 68% completion milestone at the end of April 2026.
Alandalus further stated that the project remains on track for a scheduled inauguration in the first quarter (Q1) of 2027, with no material changes reported in the estimated development costs.
The listed real estate developer maintains a 25% equity stake in the joint project Al Huda Park.
Moreover, the progress report is based on the most recent data provided by the project’s developer, Hamat Holding Company, which is overseeing the execution of the site in Makkah.
Construction activities are continuing in strict accordance with the approved execution plan and the established project schedule. Accordingly, this steady advancement reflects the developer's adherence to the technical and operational timelines set forth at the beginning of the venture.
From a financial perspective, the company informed shareholders that there have been no notifications received to date regarding any material changes in the project’s total costs.
Furthermore, the disclosure confirmed that there are no additional costs associated with the latest developments in the construction process.
This stability in the project’s financial outlook suggests that the development is proceeding within the budgetary parameters previously established by the joint venture partners.
In Q1-26, Alandalus Property turned to profits worth SAR 1.77 million from net losses in Q1-25.
