Riyadh: ROSHN Group has entered into a new SAR 374 million sale and purchase agreement with Retal Urban Development Company, a key Saudi real estate developer, marking the third consecutive year of collaboration. This agreement aims to acquire and develop residential units within Phase 2B of ROSHN's SEDRA community in Riyadh, according to a press release from ROSHN.
Under the agreement, Retal will develop 363 single-family villas over 110,250 square meters of SEDRA 2B over approximately 36 months. Part of a 35 million square meter development of integrated neighbourhoods, SEDRA Phase 2 features a rich mix of vital and lifestyle amenities, including hospitality and retail destinations, schools, mosques, and public parks, signature features of ROSHN's new way of living for Saudi Arabia.
SEDRA, ROSHN's flagship development, is being developed in eight phases, constructed over 35 million square meters of neighbourhoods, and will add more than 30,000 residential units to Riyadh's housing stock.
As with all ROSHN developments, both nature and local heritage are incorporated at the master planning stage so that its public spaces and amenities are complemented by existing natural features, which bring nature into the heart of the community. ROSHN leverages Retal's expertise in crafting top-notch urban infrastructure to develop SEDRA's Phase 2B with high-quality and sustainable urban features in this collaboration.
ROSHN Group Chief Development Officer said: "Collaborating with industry leaders like Retal Urban Development Company allows us to accelerate the development of SEDRA, Riyadh's most desirable community and a hallmark of ROSHN's exceptional mixed-use development portfolio.
This partnership represents a stride forward in our commitment to enabling the Kingdom's homeownership goals alongside strengthening and diversifying Saudi Arabia's economy."
"This agreement is a testament to ROSHN's unwavering dedication to delivering high-quality, sustainable communities to enable Saudi Vision 2030's ambitious goals for a vibrant society, thriving economy and ambitious nation," the release said.