Sumou signs agreement to develop and build units in Dammam housing scheme with National Housing at a value of SR305 million

Sumou Real Estate Company announced on Wednesday the signing of a development agreement for Area Apt Zone 4A,4B of Al-Aali project in Dahiyat Al Wajihah on the lands allocated to Sumou Real Estate Company from the National Housing Company in Dammam with an area of 72,923.95 m2 at 27-9-2022, to build residential units.

This is for the development and construction of housing units. The agreement was signed on 27-9-2022. The project cost is SR305 million.

The company said in a statement on Tadawul: “The project will be financed mainly based on the off-plan sales system and partly on self-financing.”

It explained that the expected date of completion of the construction of the project is 36 months from the date of entry into force of the agreement (and the agreement is valid from the day following the date of signing the agreement). Indicating that the project is expected to have a positive impact on the company’s results after the issuance of the off-plan sale license and the start of sales and implementation and that the project’s expected impact on the financial results will begin after the issuance of the off-plan sale license and the start of sale and implementation.