Sumou Real Estate signs agreement to develop, market 190 villas in Dhahran complex

A building of Sumou Real Estate Co.

Sumou Real Estate Co. announced that it signed today, Nov. 7, an agreement to develop and market 190 residential villas within a residential complex, over an area of 59,600 square meters (sqm), in the Eastern Province, Dhahran, according to a bourse filing.

In return, the company will receive a fee equal to 10% of the total cost payable during the agreement period of 24 months, starting from the date of issuing the off-plan sale license, the company added.

The impact of this agreement on the company’s financial results and revenues is expected to be positive, effective from the off-plan sale license date.