Ladun signs SAR 317.1M construction contract with Built Industrial

Ladun signed a construction contract with Built Industrial to develop the Al-Mashraqia Villas project in Riyadh.

Ladun Investment Co. signed on Nov. 18 a construction contract with Built Industrial Co., a subsidiary, appointing it as the main contractor for the Al-Mashraqia Villas project in Riyadh. The contract is valued at SAR 317.13 million, the company said in a statement to Tadawul.

The project comprises 416 residential villas within the Afyaa Al-Mashraqiyah development, following four approved design models.

The statement added that there is no change to previously announced costs, as the contract falls within the project’s approved budget and there is no financial deviation from the plan.

In September, Ladun signed a real estate sub-development agreement with National Housing Co. (NHC) to develop Al-Mashraqia Villas in Riyadh, with an estimated contract value of SAR 446 million, excluding VAT, Argaam reported.