The National Housing Company (NHC) launched a new residential destination in east Riyadh, Al Ruba, with total investments of around SAR 7.8 bn, bringing NHC’s total investments in the capital so far to SAR 146 bn, CEO Mohammad Albuty said on Monday (watch, runtime: 4:22).

About the project: The 5.7 mn sqm development will deliver over 9k residential units in a mix of villas, townhouses, and apartments, with villas priced between SAR 850k and SAR 1.7 mn and sizes ranging from 200 to 495 sqm, Corporate Communication General Manager Saleh Alanazi told Aleqtisadiah.

Beyond housing: The project includes three grand mosques, seven neighborhood mosques, 10 educational facilities, 14 commercial facilities, healthcare services, and around 800k sqm of green space, according to the project’s page.

NHC inked agreements with several private developers to build communities within the project, including Abdul Rahman Saad Al Rashid and Sons for the Jawharat Al Ruba project, Dar Wa Emaar Real Estate Investment and Development for Saraya Al Ruba, Ledar Investment for Dar Al Ruba, and Bahrain-based Kooheji Development for Rewan Al Ruba.

ICYMI- Dar Wa Emaar Investment and Real Estate Development partnered with the NHC inMay to develop a 616-unit residential project in Dammam valued at SAR 750 mn over a 410k sqm plot.

IN OTHER REAL ESTATE NEWS-

KEC lines up SAR 305 mn loan: Knowledge Economic City (KEC) obtained a SAR 305 mn shariah-compliant loan from Riyad Bank to complete the Aliya Residential Apartments — Cluster D within the Al Alya’a mixed-use project, it said in a disclosure to Tadawul yesterday. The four-year facility is backed by land mortgages and promissory notes.

REFRESHER- KEC signed a SAR 503 mn contract with China Gezhouba Group International Engineering Company last December for the construction and electromechanical and finishing works of seven residential towers under its Al Alya’a project.

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