Saudi Crown Prince Mohammed bin Salman (Mazen AlDarrab/CC BY-SA 3.0)
China State Construction Engineering Corporation (CSCEC) has signed an agreement (MOU) worth $666.7m (SAR2.5bn) to build 5,590 residential units in the Saudi capital, Riyadh.
Saudi Press Agency said the "Murcia project" is one of Riyadh’s largest and will be built on 270ha of Ministry of Housing land in the northern part of the city.
CSCEC will build apartments and townhouses. Townhouses are priced starting at just over $136,000 (SAR500,000), with a "monthly premium" of $454. Apartments numbering 572 start from $81,400 (SAR299,000), with a monthly fee starting at $245 (SAR899,000).
The memorandum of understanding was signed on 22 February in China during the visit of Saudi Crown Prince Mohammed bin Salman.