Sumou Real Estate Company has signed an agreement worth for 377 million Saudi riyals ($100.31 million) with state-owned National Housing Company (NHC) to build villas on the 88,570-square metres land plot allocated to it within the Makkah Gate project.
Construction will commence the next day after receiving the land from NHC, the developer said in a statement to Saudi Arabia's Nomu-Parallel Market.
The project is slated for completion within 42 months from the date of the agreement.
The statement said the scheme will be partially financed through off-plan sales and equity.
In October, Sumou Real Estate signed an infrastructure development agreement with Adeer Asar Real Estate Co. for an over three million sqm land plot in Riyadh.
(Writing by D Madhura; Editing by Anoop Menon)