ROSHN Group PIF-owned giga-project, has signed a new sale and purchase agreement with Ajdan Real Estate Development Company, for the second year in a row to develop residential units within Phase 2B of ROSHN’s flagship SEDRA community in Riyadh.
Through the agreement, worth SAR 317 million, Ajdan will develop 302 residential villas across a 90,650 square meter plot over a period of 36 months. The agreement 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. 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. 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.” said Jason Margetts, ROSHN Group Chief Sales Officer.
“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 commented, Mohammed Abdulmohsen Al-Otaibi, CEO of Ajdan Real Estate Development Company.
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.
SEDRA, ROSHN’s flagship development, is being developed in eight phases constructed over 35 million square meters 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. Complimented by access to ROSHN Front a mixed-use lifestyle retail and F&B destination of approximately 80,000 square metres 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 with all ROSHN developments, both nature and local heritage are incorporated at the master planning stage so that its public spaces and amenities are complemented by existing natural features, which bring nature into the heart of the community.
