Sumou Real Estate signs SAR 300 mln property development deal with National Housing

Sumou Real Estate Co. signed a SAR 300 million sub-development agreement with National Housing Co. (NHC) to develop District 2 of the Khayala residential project, located in the Al Hamdaniyah neighborhood in Jeddah. 

The agreement includes building 404 villas on the land allocated by the Ministry of Housing to the company, spanning 105,000 square meters, the company said in a bourse statement.

The project will be financed mainly through off-plan system in addition to self financing.

Sumou expects the work to begin within six months, adding that the project completion period is 42 months according to the agreement.

The project is expected to have a positive impact on the company’s financials upon sales and implementation, the statement added, indicating that financial and project details will be disclosed within the upcoming period.