The plot area is 100,000 square metres.
Riyadh Development Authority is the client.
The firm also signed a new contract last month, valued at SR240m for housing in the Suwaidi district of Riyadh.
Construction is due to begin shortly. Turner Arabia is the consultant and Dar al-Arkan is the client.
The company was due to sign two contracts for governor’s palaces in Jeddah and Hail but this has been put on hold while negotiations over materials prices are ongoing.