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.