ROSHN Group, Saudi Arabia’s leading national real estate developer and PIF giga-project, has signed a deal worth over $57 million (215 million Saudi Riyals), with partner developer Dar Al Arkan.
The two developers have signed a Sale and Purchase Agreement, following a similar agreement last year, that will see Dar Al Arkan acquire and develop residential villas in SEDRA 1A.
Founded in 1994, Dar Al Arkan is the largest developer by market value in Saudi Arabia and has built 15,000 residential villas across 8 countries.
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 property developer recently launched sales for “Etoile by Elie Saab”, a tranche of luxury homes in SEDRA that are designed and fitted by the Lebanese designer, marking the fashion house’s first branded residences in Saudi Arabia.
According to the statement, “ROSHN’s latest partnership with a Saudi developer is part of the Group’s overarching strategy to partner with best-in-class entities across a range of verticals, including project developers. ROSHN has struck sub-developing agreements with several Saudi-owned developers as part of its stated commitment to enabling the Kingdom’s private sector.”
In the last year, the Group launched sales for WAREFA, in east Riyadh, ALAROUS, the community adjoining MARAFY in Jeddah, and phases 2 & 3 of the flagship SEDRA.
As per the statement, “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.”
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