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Sumou Real Estate Company has signed a project development management agreement with Arch 3 for a mixed-use development in Jeddah. The agreement, signed for the benefit of Arch Real Estate Development Fund 3, will run for 36 months and covers the complete management of the project's development. Sumou will receive a development management fee equivalent to 10% of the construction contract value and an additional marketing fee of 3% of the project's total sales value. The development will have a built-up area of around 57,000 square metres.
Sumou Real Estate Company has signed a project development management agreement with Arch 3 for the development of a mixed-use project in Jeddah. The agreement has been executed for the benefit of Arch Real Estate Development Fund 3 and will remain in effect for a period of 36 months.
Under the agreement, Sumou will oversee all stages of the project's development, including planning, execution and overall project management. The company will be responsible for managing the complete development process to ensure the project progresses according to the agreed timelines and objectives.
The project will be developed on land located in Jeddah and will comprise a mixed-use building with a total built-up area of approximately 57,000 square metres. Mixed-use developments typically combine residential, commercial and retail components, supporting the growing demand for integrated urban projects in the city.
As part of the commercial terms, Sumou will receive a development management fee equal to 10% of the construction contract value. In addition, the company will earn a marketing fee of 3% of the project's total sales value.
The agreement adds to Sumou Real Estate's portfolio of development management assignments as the company continues to expand its role in managing large-scale real estate projects in Saudi Arabia. The project also aligns with the country's ongoing urban development initiatives, which have encouraged investment in integrated mixed-use developments across major cities, including Jeddah.
Source Reuters
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