Sumou Real Estate signs 2 contracting contracts for Khayala housing project in Jeddah

15/07/2021 Argaam

Sumou Real Estate Co. headquarters

Sumou Real Estate Co. announced today, July 15, that it signed two construction contracts with International for Modern Industries Co. Ltd. (Al Alameya Group) and the Modern Rail Co. Ltd. (MTC) to construct, finish, and deliver 412 residential villas in the Khayala housing project (Dar Sumou) in Jeddah.

 

The contracts’ value exceeds 50% of the company's net assets, the company said in a statement to Tadawul.

 

The project is one of the superstructure projects in which Sumou is developing and implementing with the National Housing Co. (NHC) under the off-plan sales system.

 

The contract duration is 24months from the date of signing the contract.

 

The impact of this agreement on the company’s result and revenues is expected to be positive effective from the current year till end of the project.

 

The company started to sign the two construction contracts and preparatory work for executing the project after receiving the project land from NHC.

 

There are no related parties, the statement added.

 

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