Sumou signs SAR 377 mln agreement with NHC to build villas in Makkah

Logo of Sumou Real Estate Co.

Sumou Real Estate Co. signed, on Nov. 20, a development agreement worth SAR 377 million with National Housing Co. (NHC) to build villas on the land plots allocated to Sumou in Area No. 8 within Makkah Gate Project in Makkah on a total space of 88,600 square meters.

The project work will start from the next day from receiving the land from NHC. It will be completed within 42 months from the effective date of the agreement, namely the day following the signing date, Sumou said in a statement to Tadawul.  

It will be financed based on off-plan sales and partially on equity.  

The project is expected to have a positive impact on the company's results when the off-plan license is issued and with the launch of sale. 

There are no related parties to the agreement, Sumou concluded.