Sumou signs agreement with National Housing to develop housing units in Dahiyat Al Fursan for SR403 mln

Sumou Real Estate Company announced on Tuesday the signing of a real estate development agreement for the lands of Area No. 1/B in the Dahiyat Al Fursan 1 & 2, at a value of SR403 million with the National Housing Company.
Sumou explained that the lands were allocated to her by the National Housing Company in Riyadh, with an area of (82,482.66) m2 for the development and construction of housing units.
The construction of the project will start from the day following the receipt of the land from the National Housing Company, and for a period of 42 months from the date of entry into force of the agreement.
According to what the company published on Tadawul, the project will be financed mainly based on the off-plan sales system and partly on self-financing, and it expects the project to have a positive impact on its results after the off-plan sales license is issued and the sale and implementation begin.