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Sun 24 Feb 2019 05:21 PM

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Saudi, China's CSCEC ink $660m Riyadh housing deal

The agreement to build more than 5,000 residential units was made during HRH Prince Mohammed Bin Salman's visit to China

Saudi, China's CSCEC ink $660m Riyadh housing deal
Saudi Arabia and China's CSCEC have inked a deal to build more than 5,000 Riyadh [pictured] homes with an investment of $666.7m (SAR2.5bn)

Saudi Arabia’s National and Housing Company (NHC) and China State Construction Engineering Corporation (CSCEC) have inked a $666.7m (SAR2.5bn) agreement to build more than 5,000 housing units in the Saudi capital.

As reported by Saudi Press Agency (SPA), the ‘Murcia project’ is one of the largest projects in Riyadh, located on the land of the Ministry of Housing in the northern part of the city. Covering a total area of 270ha, the project will feature 5,590 residential units ranging from apartments to townhouses.

With an area of 230m², townhouses start from $136,128 (SAR500,000) with a monthly premium of $454 (SAR1,666). The 572 apartments start from $81,404 (SAR299,000), alongside a monthly fee that starts at $245 (SAR899,000).

The development also includes a national valley in part of the project, as well as green spaces and public parks to ensure a modern residential environment, as reported by SPA.

The memorandum for its development was signed on 22 February by Eng Mohammed Bin Saleh Albuty, NHC’s chief executive officer, as well as the chief executive officer at CSCEC.

“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 state news outlet added.

The agreement came during the visit of Saudi Crown Prince HRH Mohammed bin Salman bin Abdulaziz, the Crown Prince, Deputy Prime Minister and Minister of Defense, to China.

Indeed, Friday also saw state-held giant Saudi Aramco sign two major Sino oil and gas agreements in Beijing during the visit, just days after the Saudi royal visited Pakistan and India.

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