ROSHN holds groundbreaking ceremony at Riyadh site

More than 4,000 to be built in the first phase

  
Image used for illustrative purpose.

Image used for illustrative purpose.

REUTERS/Reuters Staff

RIYADH — ROSHN, Saudi Arabia’s national community developer powered by the Public Investment Fund (PIF), held a groundbreaking ceremony on the site of the recently announced flagship Riyadh community. A number of executives attended the ceremony, including Group CEO David Grover.

The event marks a major milestone in the development of ROSHN’s first community as part of its mandate to develop communities across the Kingdom, which will deliver more than 30,000 homes, with more than 4,000 to be built in the first phase.

It forms part of ROSHN’s wider long-term strategy to contribute to the rapidly increasing demand for housing across the Kingdom.

Speaking at the event, ROSHN Group CEO Grover, said: “Breaking ground today is incredibly symbolic for all involved; it heralds the official start of a much-anticipated development that represents a new era of community living, whilst making meaningful contributions the nation’s real estate sector.”

Last month the community developer announced the signing of SR1.6 billion worth of contracts relating to the construction of ROSHN homes and other critical areas of development, including infrastructure and water works, environment and valley arms protection, site supervision, fit outs and more.

Off-plan homes will be available for sale during the first half of 2021. — SG

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