ROSHN Group, the real estate developer owned by Saudi Arabia’s Public Investment Fund (PIF), has signed a series of land sale and development agreements in Riyadh valued at more than 2.14 billion Saudi riyals ($570.5 million)
These were signed on the sidelines of the recently concluded Restatex Real Estate Exhibition in the Saudi capital.
The agreements were signed with several local developers to deliver residential and commercial projects within the Sedra and Warefa communities, covering a combined land area exceeding 223,000 square metres (sqm), excluding plots where details were not disclosed.
On Wednesday, ROSHN signed two agreements worth a combined SAR 781 million ($208 million) to develop projects within the Warefa community. The group signed a SAR 548 million agreement with Sateaa Altameer for Real Estate to develop a land plot exceeding 108,000 sqm, and a SAR 233 million agreement with Fayziyya for Real Estate Development to develop a plot exceeding 46,000 sqm.
On Tuesday, agreements worth a combined SAR 1.36 billion ($363 million) were inked for projects within Sedra community.
The master developer announced a strategic agreement with Arabian Dyar valued at SAR 1.1 billion to develop a 55,000 sqm land plot within the Sedra community.
Earlier, ROSHN also signed an agreement of undisclosed value with Tiraz Al Arabia to develop integrated commercial facilities in Sedra.
Separately, Alramz Real Estate Company said on Monday that it signed a SAR 262 million ($70 million) agreement to purchase and develop a land plot exceeding 14,000 sqm for 240 residential units in Sedra.
Sedra master plan encompasses more than 30,000 residential units while Warefa comprises 2,300 units.
ROSHN recently awarded construction contracts worth SAR 1.5 billion for more than 1,900 homes and retail units in the Sedra community.
(Writing by P Deol; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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