PROJECTS: Saudi Arabia's Sumou Real Estate to develop villa project in Jeddah

Agreement signed with National Housing Company for Khayala residential project

  
Image used for illustrative purpose. Labourers work at a construction site in Dubai.

Image used for illustrative purpose. Labourers work at a construction site in Dubai.

REUTERS/Jumana El Heloueh

Saudi Arabia's Sumou Real Estate announced on Sunday that that it has signed an agreement with the National Housing Company for District No. 2 of the Khayala residential project in Jeddah

The company said in a stock exchange statement that it would build 404 villas on 105,000 square meters of land allocated by the Ministry of Housing.

The statement said the project would be financed by off-plan sales and self-financing, adding that the project cost has been estimated at 300 million Saudi riyals ($80 million).

It said work on the project is expected to start within the next six months, and would be completed over a period of three and a half years.

(Writing by Syed Ameen Kader; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

#SaudiArabia #Construction #Khayalaresidentialproject

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