National Housing Company (NHC) said on Sunday that it has awarded 600-million-Saudi-riyal ($160 million) contract to Saudi Real Estate Construction Co. (Tamear) to build 1,000 residential villas in Al Mashreqiya project in Riyadh.
Tamear is wholly owned subsidiary of Saudi stock exchange-listed Saudi Real Estate Company (Al Akaria).
NHC said in a statement that the first phase of construction comprises of 450 units, and the second of 550 units.
Launched under the Saudi housing ministry's Sakani programmme to provide houses to citizens, the Al-Mashriqiya project is spread over an area of more than 3 million square kilometres and will feature a total of 3,701 units on completion. The project also includes 207 commercial-cum-residential buildings, 16 commercial buildings, 2 mosques, 3 schools and 8 public parks, according to past statements.
(Writing by Marwa Abo Almajd; Editing by Anoop Menon)
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