Sumou Real Estate inks development, marketing pact for Areen project in Al Khobar

21/12/2021 Argaam

Sumou Real Estate Co. headquarters

Sumou Real Estate Co. signed a development and marketing agreement with related parties - Adeer Holding Co. and Adeer Real Estate Co. - for 251 residential villas in Areen project, Al Khobar, according to a bourse statement.

 

In return, Sumou will receive a 10% fee of the total development cost, paid during the agreement period of 30 months, starting from the date of issuing the off-plan sale license.

 

The agreement will have a positive impact on the company’s financials, effective from the date of issuing the off-plan sale license.

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