Roshn, Ajdan join hands for flagship Riyadh community project
RIYADH, December 4, 2023
Roshn Group, a leading national real estate developer and PIF-owned giga-project, has signed a new sales and purchase agreement with renowned Saudi real estate developer, Ajdan, for the second year in a row to develop residential units within Phase 2B of Roshn’s flagship Sedra community in Riyadh.
Sedra is being developed in eight phases constructed over 35 million sq m of neighbourhoods and will add more than 30,000 residential units to Riyadh’s housing stock.
Sedra 2 includes signature Roshn features that redefine contemporary living, offering essential and lifestyle amenities integrated with residential, commercial, and retail spaces.
It has access to Roshn Front, a mixed-use lifestyle retail and F&B destination of approximately 80,000 sq m that features world-class modal workspaces, walking promenades and green spaces, and state-of-the-art facilities such as a fitness centre, a four-star hotel and meeting rooms, as well as conference halls.
As per the SAR317 million ($84.2 million) agreement, Ajdan will develop 302 residential villas across a 90,650-sq-m plot over a three-month period.
It builds upon Roshn and Ajdan’s successful partnership and will continue to leverage the strengths of both companies to enhance quality of life, expand the kingdom’s real estate sector, and enable Vision 2030’s ambitious goal of increasing homeownership.
"We are delighted to extend our sales and purchase agreement with Ajdan, a pioneering real estate developer, for another year. In line with our mandate, Ajdan shares our philosophy of developing modern, open lifestyle, and integrated communities enriched by a world-class range of amenities," remarked Jason Margetts, the Chief Sales Officer at Roshn Group.
"This agreement is a testament to our dedication to partnering with the best in class to deliver high-quality real estate developments to the Saudi people while boosting local economies through commercial partnership with leading Saudi companies," he stated.
"Our collaboration further strengthens our goals of enhancing quality of life and enabling the Kingdom’s Vision 2030 goals. We look forward to expanding our offerings and building on our success to deliver high quality living standards for the Saudi people, in line with our core values of responsibility and opportunity," he added.
Ajdan Real Estate Development Company CEO Mohammed Abdulmohsen Al Otaibi said: "We are happy with the level of partnership that links us with “Roshn” as it seeks leadership in developing residential, well facilitated communities in the Kingdom, aligning with Ajdan’s strategy of developing lifestyle."
"Ajdan will be developing residential units under its most recent project “Raseen”, which comes in several models, equipped with distinctive finishes that make it one of the most distinguished residential projects, with a combination of beauty and luxury for its residents," stated Al Otaibi.-TradeArabia News Service
