- Demonstrating a joint commitment to enhancing quality of life in the Kingdom, ROSHN signs new sales and purchase agreement with Ajdan Real Estate for the development of residential units in the SEDRA Community in Riyadh
RIYADH: ROSHN Group, Saudi Arabia’s leading national real estate developer and PIF-owned giga-project, has signed a new sale and purchase agreement with renowned Saudi real estate developer, Ajdan Real Estate Development Company, for the second year in a row to develop residential units within Phase 2B of ROSHN’s flagship SEDRA community in Riyadh.
Through the agreement, worth SAR 317[GA1] million, Ajdan will develop 302 residential villas across a 90,650 square meter plot over a period of 36 months. The agreement builds upon ROSHN and Ajdan’s successful partnership and will continue to leverage the strengths of both companies to enhance quality of life, expand the Kingdom’s real estate sector, and enable Vision 2030’s ambitious goal of increasing homeownership.
“We are delighted to extend our sales and purchase agreement with Ajdan, a pioneering real estate developer, for another year. In line with our mandate, Ajdan shares our philosophy of developing modern, open lifestyle, and integrated communities enriched by a world-class range of amenities. This agreement is a testament to our dedication to partnering with the best in class to deliver high-quality real estate developments to the Saudi people while boosting local economies through commercial partnership with leading Saudi companies. Our collaboration further strengthens our goals of enhancing quality of life and enabling the Kingdom’s Vision 2030 goals. We look forward to expanding our offerings and building on our success to deliver high quality living standards for the Saudi people, in line with our core values of responsibility and opportunity.” said Jason Margetts, ROSHN Group Chief Sales Officer.
“We are happy with the level of partnership that links us with “ROSHN” as it seeks leadership in developing residential, well facilitated communities in the Kingdom, aligning with Ajdan’s strategy” of developing lifestyle commented, Mohammed Abdulmohsen Al-Otaibi, CEO of Ajdan Real Estate Development Company.
Ajdan will be developing residential units under its most recent project “Raseen”, which comes in several models, equipped with distinctive finishes that make it one of the most distinguished residential projects, with a combination of beauty and luxury for its residents.
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. SEDRA 2 includes signature ROSHN features that redefine contemporary living, offering essential and lifestyle amenities integrated with residential, commercial, and retail spaces. Complimented by access to ROSHN Front a mixed-use lifestyle retail and F&B destination of approximately 80,000 square metres that features world-class modal workspaces, walking promenades and green spaces, and state-of-the-art facilities such as a fitness centre, a four-star hotel and meeting rooms, as well as conference halls. 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.
About ROSHN Group
ROSHN Group is Saudi Arabia’s most trusted real estate developer and a giga-project wholly owned by the Kingdom’s Public Investment Fund (PIF). ROSHN’s multi-asset portfolio of integrated developments offer a new way of living for Saud Arabia, featuring connected amenities in walking distance with green spaces, sports hubs, and cycle lanes. Driven by technology, innovation, and sustainability, ROSHN Group is building at an unprecedented scale across Saudi Arabia with a current land bank of over 200 million sqm. By 2030, ROSHN will develop over 400,000 homes, as well as 1,000 kindergartens and schools, and over 700 mosques.
ROSHN launched SEDRA, its flagship 35 million sqm community in Riyadh, in 2021, delivering homes in its first Phase ahead of schedule and becoming the Kingdom’s first giga-project to deliver to customers. The Group has since launched the 4 million sqm ALAROUS community in Jeddah and has announced further integrated developments: WAREFA in Riyadh (1.4 million sqm); ALFULWA in Al Ahsa (10.8 million sqm); and, most recently the Kingdom’s first canal project MARAFY, a mixed-use development in northern Jeddah bringing the Red Sea into the city. With over 300 square kilometers of waterfront promenade, covering a total area of more than 2 million square meters, MARAFY will feature more than 52,000 residential units with a population capacity of over 130,000 people.
As a national champion across a range of sectors, ROSHN takes a people-centric approach to building sustainably with an ethos of promoting ‘living beyond walls’ and enhancing quality of life across the Kingdom. As a member of the United Nations Global Compact, ROSHN pursues corporate excellence and partners with the best-in-class to set new standards in mainstream development, earning it the title of the best developer in the GCC by Construction Week Middle East’s Top 50 GCC Developers 2023 list.
For more information on ROSHN’s new way of living visit roshn.sa