Sumou Real Estate Company has signed an agreement with Saudi Downtown Company for the development, construction, marketing and sale of a residential project in Downtown Al Khobar, involving mid-rise buildings on a 28,292sqm plot south of the Boulevard.
Under the agreement, SDC will contribute the land, while Sumou will make a partial investment and finance the remaining development costs through proceeds from off-plan sales, said Sumou in its filing to Saudi bourse PIF.
Sumou will manage the project’s development, construction, marketing and sales over a 48-month period from the agreement’s effective date.
The project is expected to have a positive impact on its financial results once the agreement takes effect and work begins.
Lauding the Sumou partnership, SDC said it is exploring the establishment of a real estate fund in partnership with Sumou to develop 5- and 4-star hotels and serviced hotel apartments within its Downtown Al Khobar project.
The Saudi PIF unit will focus on retail, entertainment, offices, housing, and hospitality sectors spanning a total land area of roughly 10m sqm across target cities, SDC added.
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