Sumou Real Estate Co.
Sumou Real Estate Co. signed a sale and marketing agreement for Al Samiya project in Area No. 2 of Abyar Ali project, Madinah, with Adeer Real Estate Service Co. (a related party), on the 128,740 square-meter land plots allocated to Sumou by National Housing Co. (NHC).
The project is expected to begin within three months from the agreement signing date, Sumou said in a statement to Tadawul.
Adeer will receive 2.5% from the value of units sold in return for marketing and sale of the units.
Sumou will mainly finance the project by off-plan sales and partially depend on its internal resources.
The agreement will expire when Adeer completes sale of all units.
The project is expected to have a positive impact on the company's results after receiving the off-plan sale license and commencement of the sale process.
Details of the financial impact and project developments will be announced during next period, Sumou added.
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