PIF’s ROSHN to develop over 4,000 homes in Riyadh community project phase I: CEO

ROSHN Real Estate Co.’s flagship Riyadh community project will feature over 30,000 residential units, of which more than 4,000 will be developed in the first phase, chief executive officer David Grover told Argaam. 

Off-plan homes will be available for sale during H1 2021, and a clear timeframe will be laid out for the units’ scheduled delivery, Grover added.
  

ROSHN recently signed SAR 3.5 billion worth of contracts to start work for the first phase of the residential project in Riyadh. 

Rezaik Abdullah Algedrawy Co. was appointed as the main contractor for building residential units in the first phase. Other contracts comprised strategic partnerships with Zuhier Ahmed Zahran & Co., Akaria Hanmi, POSCO E&C Co., AWJ International, C1, Siemens, and Shapoorji Pallonji Group. 

These strategic JVs stand as the fundamental base for more future partnerships, which will enable ROSHN to contribute to the implementation of the Kingdom’s plans and increase home ownership to 70% by 2030. 

"We are deeply committed to contributing to Vision 2030’s plans to increase the rate of home ownership in the country to 70%, whilst delivering high-quality homes and excellent amenities to the Saudi people," Grover noted. 

ROSHN is developing world-class integrated urban communities across Makkah, Riyadh, Eastern Province and Asir, he added.  

Roshn Riyadh, which will come up on a 20-million-square-meter area, will be implemented in eight phases and is the first community to be announced by the developer as part of a 10-year mandate to develop communities across the Kingdom.

In August 2020, the Public Investment Fund (PIF) announced the launch of ROSHN, a new company specialized in developing world-class integrated urban communities across the Kingdom. ROSHN will enhance the sovereign wealth fund’s contribution to strategic partnership opportunities with the private sector and investors, Argaam reported.