Saudi-based Adeer Real Estate Company has inked an agreement with Sumou Holding. The deal is for the marketing and sale of developed land plots within the Jeddah Oasis masterplan
The Jeddah Oasis masterplan is a 707,254sqm mixed-use development in the Saudi port city. As per the 12-month agreement, Adeer will market and sell the plots through an off-plan sales model, said the company in its filing to the Saudi bourse.
The company confirmed it will receive a brokerage commission of 2.5% of the value of land plots sold, in addition to 2.5% of the sales value to cover marketing costs, including the establishment and fit-out of a sales centre.
Adeer said the agreement is expected to have a positive impact on its financial results as land plots are sold, transferred to buyers and the company collects its fees.
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