The Clap
Sumou Real Estate (9511) signed an agreement with the National Housing Company (NHC) for SAR 540 million to develop the land in Area No. 2 of the Al Samiya residential project.
The Deets
The company explained that the project will be implemented in the Medina region with the aim of developing and building up to 507 villas.
The units will be built on an area of land of around 128.75 thousand square meters over a 42-month contract. The project will start once Sumou receives the land from the NHC and the financing will be through off-plan sales and self-financing.
Off-Plan Sales
Off-Plan Sales Is known as the “Wafi” program, which organizes the selling or renting of real estate units before or during the development or construction phase.
Real estate developers are committed to the implementation of these units, according to the schedule for each project.
Why this Matters
Sumou expects the project to increase its profits and is expected to provide more details about the financial impact and the development of the project in the near future.
Sumou to implement a project worth SAR 540 million 💰
