Sumou Real Estate Co.

Sumou Real Estate Co. signed a development agreement for Area No. 1/B of Dahiyat Al Fursan 1 & 2, on the land plots allocated to it by the National Housing Co. (NHC) in Riyadh, to build residential units.

 

In a statement to Tadawul, the Sumou said the land plots span nearly 82,500 square meters (sqm) and the project will start the day after NHC hands over the land plots.

 

The cost of the project is SAR 403 million, and it will be financed based on off-plan sales and partially on equity.

 

According to the developer, the project is expected to have a positive impact on Sumou’s results after the issuance of the off-plan sale license and the start of sale and implementation.

 

There are no related parties to the contract, the statement noted.

 

Agreement Details

Subject

Development agreement for land plots in Area No. 1/B of Dahiyat Al Fursan 1 & 2

Parties

Sumou and NHC

Project Area

 82,480 sqm

Cost

SAR 403 mln

Financing

Self-finance and off-plan sales

Expected Completion Date

42 months from the effective date of the agreement

Start Date

The next day after receiving the land from NHC

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