Sumou Real Estate signs agreement with National Housing to build housing units in Makkah Gate project at SR377 mln

Sumou Real Estate Company announced on Monday the signing of a development agreement with National Housing Company to build residential units (villas) on the lands allocated to Sumou Real Estate Company in area no 8 within Makkah Gate project in Makkah City, with an area of 88,569.96 m2 at 20-11-2022.
The company said in a statement on Monday on Tadawul that the start date for the construction of the project will be from the day following the receipt of the land from the National Housing Company, and it is expected to complete the construction of the project within 42 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), The project will also be financed mainly based on the off-plan sales system and partly on self-financing..
It explained 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 sale and implementation, noting that the beginning of the expected impact of the project on the company’s results will be after the issuance of the off-plan sale license and the start of sale and implementation.