Ladun Investment Company has signed a real estate sub-development agreement with the state-run National Housing Company (NHC) to develop Al-Mashriqia Villas in Riyadh.

The contract value is estimated at 446 million Saudi riyals ($118.89 million), Ladun said in a statement to the Saudi stock exchange on Wednesday.

As part of the deal, Ladun will develop more than 400 residential villas on a land plot of 100,440 square meters. The number of units is subject to final design approvals.

The contract has a work duration of 42 months, the statement said.

Located in the east of Riyadh, Al-Mashriqiya Community spans a seven million square metres (sqm) and houses 15,055 residential units, according to NHC's website,

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

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