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, to acquire and develop residential units within Phase 2B of ROSHN flagship SEDRA community in Riyadh.
The agreement, worth $99 million (SAR 374 million), will see Retal develop 363 single-family villas over 110,250 square meters of SEDRA 2B over a period of approximately 36 months.
According to the statement, “Part of a 35 million square meter development of integrated neighborhoods, 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.”
“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 the 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.”
Mr. Kabbani further noted that this partnership represents a stride forward in our commitment to enabling the Kingdom’s homeownership goals alongside strengthening and diversifying Saudi Arabia’s economy,
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.
SEDRA, ROSHN’s flagship development, is being developed in eight phases constructed over 35 million square meters of neighborhoods, and will add more than 30,000 residential units to Riyadh’s housing stock. 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, as per the statement.