For the second year in a row, prominent Saudi real estate developer Ajdan and the leading national real estate developer Roshn Group have inked a new sale and purchase agreement to develop residential units within Phase 2B of Roshn’s flagship Sedra community in Riyadh. Roshn is a giga-project owned by PIF.
With eight phases and 35 million square meters of neighborhoods under construction, Sedra will increase the number of residential units in Riyadh by over 30,000.
Signature Roshn features, such as integrated lifestyle and essential amenities with retail, commercial, and residential spaces, redefine modern living in Sedra 2.
It is enhanced by having access to Roshn Front, a roughly 80,000 square meter mixed-use lifestyle retail and dining complex with top-notch modal workspaces, green areas, and promenades for walking, as well as cutting-edge amenities like a fitness center, a four-star hotel, meeting spaces, and conference halls.
Under the terms of the three-month agreement, Ajdan will build 302 residential villas on a 90,650 square meter plot for SAR317 million ($84.2 million).
It expands on Roshn and Ajdan’s fruitful collaboration. It will keep utilizing both businesses’ advantages to improve living standards, grow the real estate market in the kingdom, and support Vision 2030’s audacious plan to increase 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 partnerships 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.