Sumou signs agreement to provide marketing and sale services for Al Samiya residential project with Adeer

Sumou Real Estate Company announced on Tuesday the signing of selling and marketing agreement for Al Samiya project in Area No. 2 of Abyar Ali project in Madinah with Adeer Real Estate company ( a related party), on the lands allocated to Sumou Real Estate Company from the National Housing Company, with an area of 128,740 m2.
The company said in a statement on Tuesday on Tadawul that it is expected to start within three months from date of signing the agreement.
Adeer Real Estate will be receiving 2.5% from the value of sold units for marketing and selling sold units.
It added that the project will be financed based on off-plan sales and partially on equity.
It also added that the agreement will end with Adeer Real Estate Company after completing selling units.
The project is expected to have a positive impact on the company’s results at the start of selling the project, stressing that the details of the financial impact and project developments will be announced during the next period.