Saudi PIF-owned real estate developer ROSHN has begun handing over villas and townhouses in Riyadh’s northern corridor ahead of schedule.
The first phase of the project titled SEDRA, is ROSHN’s first development that is being built over eight phases in the Kingdom.
Many of the new homeowners have received both the title deeds and keys to the properties.
“…We are also driving change, creating a new concept of living, and adding to the quality of life of our citizens and residents,” said Group CEO, David Grover, in a statement to the press.
While dedicated advisors guide the new homeowners, the community’s new residents reportedly have access to the national developer’s contact center, equipped to field queries on a wide range of issues, from visitor access to claiming special offers provided by the company’s partners.
When the development is fully complete, it will add more than 30,000 residential units to the capital’s housing stock and provide 20 million square meters of integrated neighborhoods with education and healthcare infrastructure, retail outlets, restaurants, parks, shaded footpaths, cycle tracks and carefully tended green spaces.
ROSHN recently announced ALAROUS in May which expects to add more than 18,000 new homes to northern Jeddah’s housing stock. It features an “open living design principle” built around public spaces, green areas, communal facilities such as local majlis, and streets characterized by curb-less roads and homes without perimeter walls.
It reportedly takes inspiration from the SEDRA development.
In September, Al Arabiya reported that Saudi Arabia has committed to invest 40 billion riyals ($10.6 billion) in developing local infrastructure projects.
Under the new agreement, nearly 90 million square meters will be allocated for the local infrastructure projects to provide over 150,000 housing units across 11 cities in an effort to accommodate around 750,000 people.
Earlier in September, Saudi Arabia’s finance ministry signed financing agreements with local banks worth 25 billion riyals ($6.65 billion) to fund infrastructure projects due to start in 2023-2024.
Vision 2030, a roadmap drawn up by Crown Prince Mohammed bin Salman, was launched to develop the Kingdom’s strategic position, investment power and place at the center of the Arab world and the region.