For the third year in a row, ROSHN Group and Retal Urban Development Company, a significant Saudi real estate developer, have signed a new SAR 374 million sale and purchase agreement. According to a press release from ROSHN, this agreement aims to acquire and develop residential units within Phase 2B of ROSHN’s SEDRA community in Riyadh.
Retal will build 363 single-family villas on 110,250 square meters of SEDRA 2B over about 36 months, as per the agreement. SEDRA Phase 2 is a 35 million square meter integrated neighborhood development with a diverse range of essential and recreational amenities, such as public parks, schools, mosques, and retail establishments. These amenities are hallmarks of ROSHN’s new lifestyle in Saudi Arabia.
The flagship project of ROSHN, SEDRA, is being built in eight phases, will add more than 30,000 residential units to Riyadh’s housing stock, and will encompass over 35 million square meters of neighborhoods.
Like with all ROSHN developments, local heritage, and nature are integrated during the master planning phase to enhance the public areas and amenities while bringing nature right into the center of the community. In this partnership, ROSHN uses Retal’s experience in designing excellent urban infrastructure to create high-end, sustainable urban features in SEDRA’s Phase 2B.
ROSHN Group Chief Development Officer said: “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.
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,” the release said.