Asas Makeen Real Estate Development and Investment Company has signed an agreement with the state-run National Housing Company (NHC) to develop portions of Al-Mashraqiyah housing project in east Riyadh.

The company will execute the superstructure works for the construction of 470 residential units in the ‘Tali’ phase of the master community at the cost of 240 million Saudi riyals ($63.94 million), the Nomu-listed firm said in a statement on Monday.

The phase covers a total area of nearly 71,178 square metres (sqm). 

The contract, which is scheduled to be completed in 42 months, will have a positive financial impact from the fourth quarter of 2025, the statement said.

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

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