A $100 million contract for Makkah villas is signed by the Saudi company Sumou

Sumou Real Estate Company, based in Saudi Arabia, and the National Housing Company of the country have agreed to build residential units on a plot of land measuring 88,570 square metres as part of their major Makkah development. The deal is valued SR377 million ($100.3 million).
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.
It was also stated that the initiative is anticipated to have a favourable financial impact on the company’s performance at the beginning of sale and execution.