Construction & Real Estate

Saudi group Sumou inks $100m deal for Makkah villa project

Saudi-based Sumou Real Estate Company has signed an agreement worth SR377 million ($100.3 million) with the kingdom's National Housing Company for the construction of residential units on a 88,570 sq m area within its key development in Makkah.
These homes will come up on the land allocated to Sumou Real Estate in the No. 8 area of ​​the Makkah Gate project, said a statement from the company.
In another development, Sumou Real Estate has signed a sales and marketing agreement with Adeer Real Estate company for the development of its Dahiyat Al Wajihah project on a 72,924-sq-m area in Dammam city.
These residential units will come up on the lands allocated by the National Housing Company to the group, stated Sumou Real Estate in its filing to Saudi bourse Tadawul.
As per the contract, Adeer Real Estate will receive 2.5% from the value of the sold units for marketing and selling units including sales and marketing expenses, it stated.
The project is expected to have a positive financial impact on the company's results at the start of sale and implementation, it added.-TradeArabia News Service