RIYADH: Sumou Real Estate Co. has signed an agreement with National Housing Co. to build residential units for SR540 million ($144 million).

The company said in a bourse filing that it will develop up to 507 villas for Al-Samiya, a residential project located in Al-Madinah.

Upon receiving the land from the National Housing Co., Sumou will begin construction of the project.

The company said the project will contribute to its performance at the start of sale and implementation; further details will be revealed in the coming months.