Saudi Arabia's Kingdom Holding Company has appointed Sumou Real Estate as exclusive development manager for a 3.07 million square metre plot in Riyadh, with total projected sales of SAR 4 billion (USD 1.06 billion).
The agreement, signed between Sumou and Kingdom Real Estate Development Company and Trade Center Company, covers development, marketing and sales management over a 36-month period, subject to masterplan approvals. Sumou will receive 6.5% of total infrastructure development costs and 2.5% of project sales, plus buyer brokerage commissions.
The project forms part of Kingdom Holding's broader Riyadh landbank strategy, which originally spanned approximately 20 million square metres and has been developed progressively in phases.
Gulf Economist Staff Writer