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Source: مباشر
1 Dayمباشر
Source: مباشر
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SOMO Real Estate Company has signed three agreements with Saudi Downtown Company to develop, execute, market and sell residential projects in “Downtown Al Khobar”: mid-rise towers north of the boulevard on a 28,350-square-meter site; a high-rise tower on a 4,800-square-meter site; and mid-rise buildings south of the boulevard on a 28,300-square-meter site. Saudi Downtown will contribute the land in kind, while SOMO will make a partial investment and finance the remainder from off-plan sales proceeds. In return, SOMO will receive development management fees equal to 6.5% of costs, marketing and sales fees equal to 2% of sales, and a 32% share of each project’s net profits. The agreements run for 48 months, and SOMO expects them to have a positive impact on its results once they take effect and implementation begins.
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