Sumou Real Estate Co. has signed a $144 million agreement with National Housing Company to build 507 villas in Al-Madinah.
The developer said in a bourse filing that it will develop villas for Al-Samiya, a residential project located in Al-Madinah.
Sumou will begin construction of the project once the land from the National Housing Co. is allotted to them.
The construction is expected to be completed in 42 months and will be financed based on equity and off-plan sales.