Saudi Arabia’s sovereign wealth fund, the Public Investment Fund’s (PIF) real estate wing ROSHN has kick-started its flagship residential project in the Kingdom’s capital city.
The first community project of the developers in the Saudi capital will be over an area of 20 million square meters and the residential program will comprise 30,000 housing units when complete, with 4,000 in the first phase.
The real estate initiative of Saudi Arabia, ROSHN which was launched in August, with an aim to address the increasing residential demand in the country. With the project PIF targets to boost strategic partnerships with real estate investors and support the development of the contracting sector.
The first district under the project is located in the north of the capital city, near Princess Noura University and south of King Khalid International Airport. The plot links residents to the main roads and transportation network, parks, pedestrian and bicycle paths, restaurants, cafes, schools and mosques.
“The announcement of the Riyadh community represents the initial step in the realization of our vision to become the most trusted community developer in Saudi Arabia. We are deeply committed to contributing to Vision 2030’s plans to increase the rate of homeownership in the country to 70 percent while delivering high-quality homes and excellent amenities to the Saudi people.”
Within a few months of its initiation, ROSHN has sketched out a 10-year plan to develop neighborhoods across the Kingdom in eight phases. Last month, the project announced the signing of $426 million in new construction contracts.
“We are proud to launch ROSHN, a national company specialized in developing modern residential compounds, as part of PIF strategy to develop (Saudi Arabia’s) real estate market,” earlier PIF stated in a tweet.
According to a press statement given by the authority last week, the sales of off-plan homes at the new site will start in the first half of 2021.