Tuesday, 28 May 2024

ROSHN Group awards SAR 215mln contract to Dar Al Arkan for homes in SEDRA, Riyadh


ROSHN Group, Saudi Arabia’s leading national real estate developer and PIF giga-project, today announced the signing of a deal, worth over 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.

Dar Al Arkan, founded in 1994, is the largest developer by market value in Saudi Arabia, and has built 15,000 residential villas across 8 countries. 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.

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 a number of 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.

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About ROSHN Group  

ROSHN Group is Saudi Arabia’s most trusted real estate developer and a giga-project wholly owned by the Kingdom’s Public Investment Fund (PIF). ROSHN’s multi-asset portfolio of integrated developments offer a new way of living for Saudi Arabia, featuring connected amenities in walking distance with green spaces, sports hubs, and cycle lanes. 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. 

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 Group has since launched the 4 million sqm ALAROUS community in Jeddah and has announced further integrated developments: WAREFA in Riyadh (1.4 million sqm); ALFULWA in Al Ahsa (10.8 million sqm); and, most recently the Kingdom’s first canal project MARAFY, a mixed-use development in northern Jeddah bringing the Red Sea into the city. With over 300 square kilometers of waterfront promenade, covering a total area of more than 2 million square meters, MARAFY will feature more than 52,000 residential units with a population capacity of over 130,000 people.

As a national champion across a range of sectors, ROSHN takes a people-centric approach to building sustainably with an ethos of promoting ‘living beyond walls’ and enhancing quality of life across the Kingdom. As a member of the United Nations Global Compact, ROSHN pursues corporate excellence and partners with the best-in-class to set new standards in mainstream development, earning it the title of the best developer in the GCC by Construction Week Middle East’s Top 50 GCC Developers 2023 list.