Saudi's Sumou signs $181mln deal to build villas in Makkah Gate scheme
Sumou Real Estate Company has signed an agreement with the state-backed National Housing Company (NHC) to develop residential units in the Areem Makkah project.
The villas will be developed on the land plots allocated to Sumou within the Makkah Gate project, the company said in a statement to the Saudi stock exchange on Sunday.
Dubbed 'Area O2' within the Makkah Gate, the project covers 231,600 square metres with an estimated development value of 680 million Saudi riyals ($181.30 million).
The contract duration is 42 months, starting 23 May 2025.
The project is expected to have a positive impact on the company's results after the start of off-plan sales and construction, the statement said.
National Housing Company (NHC), the investment arm of the Ministry of Municipal and Rural Affairs and Housing, is the master developer of Makkah Gate.
(Editing by Anoop Menon) (anoop.menon@lseg.com)
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