‎Sumou inks 2 deals to develop, sell residences in Khobar Downtown

‎Sumou inks 2 deals to develop, sell residences in Khobar Downtown ‎Sumou inks 2 deals to develop, sell residences in Khobar Downtown

​‎

Logo ofSumou Real Estate Co.

Sumou Real Estate Co.signed three 48-month agreements with Saudi Downtown Co. (SDC), a subsidiary of the Public Investment Fund (PIF), to manage the development, construction, marketing, and sale of two residential projects within the Khobar Downtown project. The first project covers a 28,346-sqm land plot north of the Boulevard and involves mid-rise residential buildings, while the second involves a high-rise residential tower on a 4,800-sqm plot.

Advertisement

The third project involves developing mid-rise residential buildings for marketing and sale on a 28,292-sqm plot south of the Boulevard.

Under the agreements, SDC will contribute the land, while Sumou will make a partial investment and finance the remaining costs through off-plan sales proceeds.

Sumou will act as developer, contractor, and marketer in return for development management fees of 6.5% of total development costs, marketing and sales fees of 2% of total sales, and a 32% share of each project’s net profit.

The company expects the projects to reflect positively in its financial results once the agreements take effect and work begins.

Governor of Eastern Province Prince Saud bin Naif bin Abdulaziz launched the Khobar Downtown project, developed by SDC, on Nov. 1, Argaam reported.
Located on the waterfront in Al Khobar Governorate, the project spans more than 829,000 square meters (sqm). It will include over 4,000 residential units, more than 500 hotel rooms, and over 40,000 sqm of office space.

 

‎

Logo ofSumou Real Estate Co.

Sumou Real Estate Co.signed three 48-month agreements with Saudi Downtown Co. (SDC), a subsidiary of the Public Investment Fund (PIF), to manage the development, construction, marketing, and sale of two residential projects within the Khobar Downtown project. The first project covers a 28,346-sqm land plot north of the Boulevard and involves mid-rise residential buildings, while the second involves a high-rise residential tower on a 4,800-sqm plot.

The third project involves developing mid-rise residential buildings for marketing and sale on a 28,292-sqm plot south of the Boulevard.

Under the agreements, SDC will contribute the land, while Sumou will make a partial investment and finance the remaining costs through off-plan sales proceeds.

Sumou will act as developer, contractor, and marketer in return for development management fees of 6.5% of total development costs, marketing and sales fees of 2% of total sales, and a 32% share of each project’s net profit.

The company expects the projects to reflect positively in its financial results once the agreements take effect and work begins.

Governor of Eastern Province Prince Saud bin Naif bin Abdulaziz launched the Khobar Downtown project, developed by SDC, on Nov. 1, Argaam reported.
Located on the waterfront in Al Khobar Governorate, the project spans more than 829,000 square meters (sqm). It will include over 4,000 residential units, more than 500 hotel rooms, and over 40,000 sqm of office space.
Add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Keep Up to Date with our Weekly Newsletter

By pressing the Subscribe button, you confirm that you have read and are agreeing to our Privacy Policy and Terms of Use
Advertisement