‎Sumou signs SAR 403 mln development agreement for Riyadh project

‎Sumou signs SAR 403 mln development agreement for Riyadh project

Sumou Real Estate Co. signed a development agreement for Area No. 1/B of Dahiyat Al Fursan 1 & 2, on the land plots allocated to it by the National Housing Co. (NHC) in Riyadh, to build residential units.

In a statement to Tadawul, the Sumou said the land plots span nearly 82,500 square meters (sqm) and the project will start the day after NHC hands over the land plots.

The cost of the project is SAR 403 million, and it will be financed based on off-plan sales and partially on equity.

According to the developer, the project is expected to have a positive impact on Sumou’s results after the issuance of the off-plan sale license and the start of sale and implementation.

There are no related parties to the contract, the statement noted.