Leading Saudi developer Sumou Real Estate Company has announced that it has reached an important infrastructure development agreement with Adeer Asar Real Estate Company for a plot of land in the capital Riyadh which is spread over a sprawling three million square meter area.
The deal, which was signed on October 2, stipulates that Sumou Real Estate Company will be offered 8% of the total project costs as development fees. Sumou said the project is expected to have a positive impact from the date of signing the agreement, with the work due for completion by mid-2025.
Sumou Real Estate Company will be offered 8% of the total project costs as development fees
Last month, Sumou inked a SAR 403 million contract with the National Housing Company for the Al Fursan project, under which it will build residential units on an area of 82,482m2.
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