Ladun Investment Company announced that it has secured a sub-development contract to construct 400 residential villas within the Mashriqiya project in Riyadh.

The contract, valued at 446 million Saudi riyals ($118.9 million), was awarded by the state-owned National Housing Company (NHC), the company said in a statement to the Saudi stock exchange.

The new villas will be developed on a land area estimated at 100,440 sqm.

New developments related to the contract will be disclosed upon signing the agreement, the company said.

Mashriqiya in eastern Riyadh comprises of a total of 3,701 residential units.

NHC aims to deliver 300,000 housing units by 2025, according to its website.  

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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