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Saudi Arabia’s Sumou Real Estate announced to develop $80 million for a housing project in Jeddah

Saudi Arabia’s Sumou Real Estate revealed on Sunday that it has signed a contract with the National Housing Company for District No. 2 of the Khayala residential project in Jeddah.

the project cost has been estimated at $80 million.

The Project is located in Al Hamdaniya, Jeddah, the western region of Saudi Arabia.

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

The statement said the project would be financed by off-plan sales and self-financing, adding that the project value has been estimated at $80 million. It said work on the project is expected to start within the next six months and would be completed in three and a half years.

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