Saudi-based Adeer Real Estate Company said it had signed an agreement with Sumou Holding for the marketing and sale of developed land plots within the Jeddah Oasis masterplan, a 707,254-sq-m mixed-use development in the Saudi port city.

Under the 12-month agreement, Adeer will market and sell the plots through an off-plan sales model, said the company in its Saudi bourse filing.

As per the deal, the company will receive a brokerage commission of 2.5% of the value of land plots sold, in addition to 2.5% of the sales value to cover marketing costs, including the establishment and fit-out of a sales centre.

Adeer said the agreement is expected to have a positive impact on its financial results as land plots are sold, transferred to buyers and the company collects its fees.