Sumou signs SAR 403 mln development agreement for Riyadh project
20/09/2022 Argaam
Sumou Real Estate Co.
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.
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Agreement Details |
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Subject |
Development agreement for land plots in Area No. 1/B of Dahiyat Al Fursan 1 & 2 |
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Parties |
Sumou and NHC |
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Project Area |
82,480 sqm |
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Cost |
SAR 403 mln |
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Financing |
Self-finance and off-plan sales |
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Expected Completion Date |
42 months from the effective date of the agreement |
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Start Date |
The next day after receiving the land from NHC |