- Exemplifying a shared commitment to enhancing Saudi quality of life, ROSHN signs new sale and purchase agreement with Retal Urban Development Company to acquire and develop residential units of 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 key Saudi real estate developer, Retal Urban Development Company, for the third year in a row to acquire and develop residential units within Phase 2B of ROSHN flagship SEDRA community in Riyadh.
The agreement, worth SAR 374 million, will see Retal develop 363 single-family villas over 110,250 square metres of SEDRA 2B over a period of approximately 36 months. Part of a 35 million square metre 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. In this latest collaboration, ROSHN leverages Retal’s expertise in crafting top-notch urban infrastructure to develop SEDRA’s Phase 2B with high-quality and sustainable urban features.
“At ROSHN we are always pursuing partnerships that embody a commitment to excellence and shared values of integrity and responsibility. We are therefore delighted to announce our second agreement with Retal, one of Saudi Arabia’s leading urban development companies and one similarly committed to creating unique, holistically designed urban destinations that boost quality of life and enable the Kingdom’s Vision 2030 goals. 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,” said Oussama Kabbani, ROSHN Group Chief Development Officer.
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. Building upon its previous agreements with ROSHN, Retal reaffirms its dedication to creating state-of-the-art housing solutions for a modern, upscale, urban community development. Working in close collaboration, ROSHN and Retal are actively shaping the vibrant SEDRA community to boost quality of life for residents and visitors alike.
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