Sumou signs SAR 76.6M deal to develop 753 residential units

08:34 AM (Mecca time) Argaam
Sumou Real Estate Co. expects a positive financial impact from the 36-month contract

Sumou Real Estate Co. expects a positive financial impact from the 36-month contract 

Sumou Real Estate Co. said it signed a development management agreement on Sept. 21 for the Anara Project to build 753 residential units on a 748,022-square-meter plot in Riyadh’s Al-Sahab district, according to a statement to Tadawul.

 

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Under the deal, Sumou will receive development management fees of SAR 76.6 million, equivalent to 10% of estimated project costs, excluding VAT.

 

The agreement was signed with Maali AlJazira Real Estate Co., acting on behalf of AlJazira Sumou Real Estate Fund. It runs for 36 months from the issuance of the project license by the Real Estate General Authority.

 

The project is expected to have a positive impact on the company’s results following the issuance of an off-plan sales license and the start of sales and construction.

 

No related parties are involved in the agreement, the statement added.

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