Under the patronage of his excellency, the Minister of Municipal, Rural Affairs and Housing, Mr. Majid Bin Abdullah Al-Hogail, the National Housing Company (NHC) signed an agreement with Arabian Centres Company for the development and operation of a full-service commercial mall for the landmark “Murcia” project, located in the north of Riyadh.
The agreement was signed at the “Murcia” interactive centre by His Excellency Eng Mohammad Bin Saleh Al-Bati, CEO, NHC, and Mr. Mohamad Mourad, managing director, Arabian Centres.
The Murcia project is the first of its kind in the Kingdom’s real estate development sector. The new mall will cover an area of approximately 180,000 square meters and house 150 outlets, including retail stores, restaurants, cinemas and entertainment, with in excess of 3,500 parking spaces to meet the needs of the entire community.
The mall also includes both closed and open spaces, greenspaces and water fountains to provide a complete lifestyle destination of the residents of the Murcia development. The total cost of the project is SAR 600,000 million, of which SAR260,000 million is dedicated building development costs.
His Excellency Engineer Mohammad Al-Bati, CEO of NHC, speaking at the signing ceremony of the agreement, the importance of this partnership within the development of the Murcia project, which is a pioneering project being implemented by NHC and the mall will further enhance the integrated lifestyle that Murcia offers as a residential environment.
Mohamad Mourad, Managing Director, Arabian Centres Company, said: “Murcia is a flagship project for Riyadh, and for the kingdom, and we are delighted to be part of this strategic partnership. Our lifestyle destinations fit seamlessly with the community concept of the Murcia development, and we look forward to working with the Saudi National Housing Program on this integral part of the country’s vision.”
Murcia is one of a series of quality housing projects developed by “National Housing” in Riyadh, and it extends over a total area of 2.7 million square meters. The project includes more than 5,000 homes and 570 apartments and is developed in a modern way that offers all residents a high quality of life.
The National Housing NHC is considered to be the largest developer in the real estate system, as its activity is based on developing and investing in real estate projects that inject the market with quality projects, contributing to the empowerment of real estate supply system in the Kingdom.