Sumou signs SAR 540 mln agreement with National Housing to develop Al Samiya residential project

22/08/2022 Argaam

Sumou Real Estate Co. headquarters

Sumou Real Estate Co. signed SAR 540 million development agreement with National Housing Co. (NHC) for Area No. 2 of Abyar Ali residential project (Al Samiya project) implemented on the ministry’s lands in Madinah.

 

Sumou will build up to 507 villas on the allocated land plots on a total area of 128.74 square meters, the company said in a statement to Tadawul.

 

The agreement is valid for 42 months from the effective date. The project’s construction will begin the next day after receiving the land from NHC. 

 

The project is expected to have a positive impact on the company's results following the issuance of off-plan sales and the beginning of implementation.

 

The project will be financed based on equity and off-plan sales.

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