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Sumou Real Estate pens SAR 305m deal with National Housing

Sumou Real Estate pens SAR 305m deal with National Housing
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Riyadh – Mubasher: Sumou Real Estate Company has sealed a development agreement with the National Housing Company at a total cost of SAR 305 million.

The two parties signed the 36-month deal for the Area Apt Zone 4A and 4B of Al Aali project in Dahiyat Al Wajihah, according to a bourse disclosure

Sumou Real Estate will build residential units in Dammam on an area spanning 72,923 square metres.

The Saudi listed firm noted that the project will be financed based on off-plan sales and equity, projecting that it will reflect positively on its income statements once sales and execution of the project commence.

A week ago, Sumou Real Estate and National Housing penned a SAR 403 million agreement for Area No. 1/B of Dahiyat Al Fursan 1 and 2 in Riyadh.