Sumou Real Estate Company announces signing of development agreement for Dahiyat Al Fursan project with National Housing Company in Riyadh City
- Date: 20-Sep-2022
- Source: Mubasher
- Sector:Real Estate
- Country:Saudi Arabia
Sumou Real Estate Company announces signing of development agreement for Dahiyat Al Fursan project with National Housing Company in Riyadh City
|Element List||Explanation|
|Introduction||Sumou Real Estate Company announces signing of development agreement for Area No. 1/B of Dahiyat Al Fursan 1 & 2 on the lands allocated to Sumou Real Estate Company from the National Housing Company in Riyadh with area of 82,482.66 m2, to build residential units|
|Project Start Date||From the next day after receiving the land from the National Housing Company|
|Project Cost||403 Million|
|Financing method for the project||The project will be financed based on off-plan sales and partially on equity|
|Expected completion date of the project||42 months from the effective date|
|Expected Impact on the Company’s Financial Results||The project is expected to have a positive impact on the company's results at the start of sale and implementation.|
|Expected Date on Which the Impact on the Financial Results of the Company will Start||After the issuance of the off-plan sale license and the start of sale and implementation.|
|Expected Date for the Pilot Production of the Project to Begin||N/A|
|Duration of the pilot production of the project||N/A|
|Expected date for the commercial production of the project||N/A|
|Executing Party/Counter Party in the Project/Contract||National Housing Company|
|Related Parties||No|
|Additional Information||N/A|