Real estate developer Dar Al Arkan has won a contract from Public Investment Fund-backed ROSHN to build residential villas in the Sedra integrated community project in Riyadh, the Saudi stock exchange-listed company said in a statement.
“We will deliver beautiful and well-appointed villas in the community that will further raise the bar for luxury residences in Saudi Arabia,” said Dar Al Arkan Chairman Yousef Al Shelash.
Sedra, being developed in eight phases, will add more than 30,000 residential units to Riyadh’s housing stock once completed in three years.
The statement said that the project is set to build over 20 million square metres of neighborhoods.
Last week, Zawya Projects had reported that ROSHN has started the handover process at Phase 1 of Sedra ahead of schedule.
(Writing by D Madhura; Editing by Anoop Menon)