Riyadh – Mubasher: Sumou Holding Company has acquired Lamar Towers Project in Jeddah city after receiving a go-ahead from the Off-Plan Sales or Rent Programme (WAFI).

The acquisition aims to protect the project’s rights and obligations, including rights of units’ buyers and completion of the project’s development works and facilities, according to an official statement.

Noteworthy to mention, Sumou Holding owns 92.4% of the capital of the Tadawul-listed Sumou Real Estate Company.

WAFI aims to market and sell the real estate unit before or during the development or construction stage, by putting the description of the house plan or a building model in its final form after the completion of the development or construction, and ensure the commitment of the real estate developer to implement according to the model and agreed specifications, according to its website.