Riyadh - Mubasher: Sumou Real Estate Company has inked a development management agreement with Maali AlJazira Real Estate Company, representing AlJazira Sumou Real Estate Fund.
The two entities penned the deal for the Anara project in Riyadh, featuring 753 residential units on a 748,022-square-meter plot in the Al-Sahab district, according to a bourse filing.
Meanwhile, the 36-month contract will begin upon the issuance of the project license by the Real Estate General Authority.
The project is expected to positively impact the company’s financial results once off-plan sales commence.
Sumou Real Estate is entitled to development management fees with an estimated value of SAR 76.60 million, representing 10% of the estimated project costs.
Last August, the Tadawul-listed company sealed a SAR 135 million agreement with Diyar Real Estate Development Fund Company.
