CAIRO: Saudi Arabia's national developer ROSHN has signed a land purchase agreement with real estate firm Ajdan to develop over 270 family villas in its flagship community SEDRA.
Encompassing an area of 80,700 sq. m, the new villas will be integrated into SEDRA’s development of walkable residential neighborhoods in Riyadh.
SEDRA comprises eight phases across 20 million sq. m which will accommodate over 30,000 homes and around 300 amenities.
Saudi Public Investment Fund-backed ROSHN aims to further partnerships with real estate developers in the Kingdom in a bid to boost the sector by providing investment opportunities and creating new jobs.
“By partnering with leaders in the real estate arena, like Ajdan, we ensure that the residents of our communities have access to the best products and services that the industry has to offer. Like us, Ajdan is introducing new living experiences to the Saudi housing market,” said ROSHN CEO David Grover.
He further added that the villas will perfectly complement the design of ROSHN’s integrated communities, and that the strategic partnership includes the consolidation of consultants, main contractors, sub-contractors, and suppliers that will further enhance the real estate sector.
Ajdan CEO Mohammed Al-Otaibi said: “We are pleased to partner with ROSHN as we work hand in hand to bring a higher quality of life throughout the Kingdom that supports our strategy as well as ROSHN’s.”
ROSHN is building new communities across Riyadh, Jeddah, Al Kharj, Al Hofuf, Al Qatif, Makkah, and Abha.
Earlier in November, ROSHN started the key handover at the first phase of development at SEDRA, ahead of the scheduled time.
“The handover of the first ROSHN home is a momentous occasion not just for ROSHN but for the Kingdom at large. SEDRA will be the first project that sees our vision for the future become a reality on the ground and I am excited for our first residents to experience the ROSHN way of life,” Grover had said.
In November, ROSHN also launched the first phase of its Al Arous project in Jeddah, named ‘The Bride of the Red Sea’ which will offer more than 2,200 single-family units.
The community project on the west coast will also include pedestrian-friendly streets, and green spaces, along with civic, retail, sports, and recreational amenities to promote a healthy lifestyle.
