Sumou Real Estate Co. announced that its project with National Housing Co. (NHC) to develop District 2 of the Khayala residential project is proceeding according to the scheduled timeframe.

 

The company added, in a bourse filing today, Feb. 25, 2021, that it obtained on Nov. 26, 2020, the license for off-plan sales from the Ministry of Housing.

 

Sumou began selling units to the ministry's beneficiaries from Nov. 30, 2020. According to data compiled by Argaam, Sumou Real Estate Co. signed a SAR 300 million sub-development agreement with NHC to develop District 2 of the Khayala Real Estate 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.

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