Mubasher: The Riyadh-based National and Housing Company (NHC) has signed an agreement with China State Construction Engineering Corporation (CSCEC) at a value of $666.7 million (SAR 2.5 billion) to build over 5,000 housing units in the Saudi capital, Construction Week Online reported, according to the Saudi Press Agency (SPA).
The joint ‘Murcia project’ is one of the largest projects in Riyadh, located on the land of the housing ministry in the northern part of the city; the project is expected to feature 5,590 residential units ranging from apartments to townhouses, the news portal added.
“With an area of 230m², townhouses start from $136,128 (SAR 500,000) with a monthly premium of $454 (SAR 1,666). The 572 apartments start from $81,404 (SAR 299,000), alongside a monthly fee that starts at $245 (SAR 899,000),” according to Construction Week Online.
“The two parties agreed to work together and harness their potential to complete ‘Murcia project’, in accordance with the scope of work and agreed timetables,” the SPA said, according to Construction Week Online.
It is noteworthy that signing the real estate agreement came during the visit of Saudi Crown Prince Mohammed bin Salman bin Abdulaziz, deputy prime minister and defense minister, to China.
