The Saudi National Housing Company (NHC) has signed an agreement with China State Construction Engineering Company for the construction of more than 5,000 housing units of various designs at an investment of SR2.5 billion ($655 million).

This announcement came during the visit of HRH Prince Mohammed bin Salman bin Abdulaziz, the Crown Prince of Saudi Arabia, Deputy Prime Minister and Minister of Defence, to China.

One of the largest residential developments in capital Riyadh, The Murcia Project will come up on a sprawling 2.7-million-sq-m area of land belonging to the Ministry of Housing in the northern part of the city.

Under this project, a total of 5,590 residential units - ranging from apartments to townhouses - will be built, said Engineer Mohammed Bin Saleh Albuty, the chief executive of NHC after signing the deal with Liu Xinq, the general executive manager of China State Construction Engineering Company.

Of this, 5,018 townhouses will boast an area of 230 sq m, with prices starting from SR499,900 and a monthly premium of SR1,666, while the rest of the 572 units (all apartments) will be competitively priced at SR299,250 onwards and a monthly fee starting from SR899, he stated.

The project is a fully integrated residential complex that has been designed in a unique way. It includes a national valley as part of the project, as well as green spaces and public parks to ensure a modern residential environment that meets all the needs of the citizens, he added.

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.

Albuty said through this project, NHC aims to provide high-quality housing units featuring a variety of designs in a modern environment with integrated facilities and services at suitable prices north of Riyadh.

The infrastructure development work on the project has already started, he stated, adding that the use of modern construction technology would greatly help in the speed of delivery of the project, and ensure high quality.-TradeArabia News Service