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Saudi Arabia, China's CSCEC sign $667m Riyadh housing contract

A deal was signed to build 5,000 residential units during Crown Prince HRH Prince Mohammed Bin Salman's visit to Beijing

Saudi Arabia and China have signed a contract to build 5,000 Riyadh homes.
© Arabian Business
Saudi Arabia and China have signed a contract to build 5,000 Riyadh homes.

Saudi Arabia’s National 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 Riyadh.

As reported by Saudi Press Agency (SPA), the Murcia project is one of the largest schemes in the capital city and is located on a Ministry of Housing land plot 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, townhouse prices start from $136,128 (SAR500,000), with a monthly premium of $454 (SAR1,666). Prices for the 572 apartments start from $81,404 (SAR299,000), alongside a monthly fee that starts at $240 (SAR899).

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

A memorandum for the project's development was signed on 22 February by Eng Mohammed Bin Saleh Albuty, NHC’s chief executive officer, and the chief executive officer at CSCEC.

“The two parties agreed to work together and harness their potential to complete the Murcia project in accordance with the scope of work and agreed timetables,” the state news outlet added.

The agreement came during an official visit to China by Saudi Arabia's Crown Prince, Deputy Prime Minister, and Minister of Defense, HRH Mohammed Bin Salman Bin Abdulaziz.

During the Beijing tour, state-held giant Saudi Aramco signed two major Sino oil and gas agreements to expand its downstream energy project portfolio.

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Construction Week - Issue 749
Sep 15, 2019