Roshn, Saudi Arabia’s national community developer powered by the Public Investment Fund (PIF
), has broken ground on its flagship community project, Roshn Riyadh, being developed on a 20-million-sq-m area in the north of the capital city near King Khalid International Airport.
Conveniently located close to the city’s main attractions, key highways and transportation links, Roshn Riyadh is the first community as part of the Saudi developer's mandate to build communities across the kingdom, which will deliver more than 30,000 homes, with more than 4,000 to be built in the first phase.
The project boasts contemporary homes that fuse modern design with a celebration of the capital’s rich heritage in addition to mosques, retail and F&B outlets, parks, schools and leisure and entertainment facilities.
The groundbreaking ceremony was held yesterday (December 2) in the presence of a number of top executives from the company including Group CEO David Grover.
The event marks a major milestone in the development of Roshn’s first community. It forms part of the developer’s wider long-term strategy to contribute to the rapidly increasing demand for housing across the kingdom.
Speaking at the event, 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."
The kingdom's newest real estate group, Roshn was set up in August by Saudi PIF to develop world-class integrated urban communities across the kingdom.
Roshn had last week awarded contracts worth SR1.6 billion ($427 million) for this flagship project to a host of Saudi companies. Rezaik Abdallah Al Gedrawy and Company was signed up to build a part of the 4,000 homes in Phase One, while the additional partners - Zuheir Ahmad Zahran and Company, Al Akaria Hanmi, Posco E&C, AWJ International and C1 Company Building - were roped in for other critical areas of construction including soil grading, sales and experience centre, site supervision.
The Saudi developer said the flagship project will be implemented in eight phases. Off-plan homes will be available for sale during the first half of 2021, it added.-TradeArabia News Service
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