ROSHN and Ajdan sign a conditional land purchase agreement to develop family villas in Riyadh’s SEDRA
- The conditional land purchase agreement will see Ajdan develop over 270 villas in ROSHN’s flagship development
- The deal forms part of ROSHN’s ambitious partnership programme that is boosting growth and know-how in the Kingdom’s real estate market, as well as catalysing local economies and domestic supply chains
Riyadh – 20 December 2022: ROSHN, the nation’s leading real estate developer, and the the real estate company, Ajdan, have signed an agreement that will see Ajdan develop over 270 family villas within SEDRA, ROSHN’s flagship community in Riyadh. The new homes will be built on a 80,700 square metre plot in SEDRA’s Phase 1, adding to the mix of high-quality housing units available in the ground-breaking development that is bringing ROSHN’s trademark combination of integrated, walkable residential neighbourhoods to Riyadh’s vibrant northern corridor.
“By partnering with leaders in the real estate arena, like Ajdan, we ensure that the residents of our communities have access to the best products and services that the industry has to offer. Like us, Ajdan is introducing new living experiences to the Saudi housing market, and their villas will perfectly complement our design vision of open, integrated communities supported by a world-class array of amenities,” said ROSHN Group CEO, David Grover.
Commenting on the agreement, CEO of Ajdan Real Estate Development Company, Mohammed Al-Otaibi, said, "We are pleased to partner with ROSHN as we work hand in hand to bring a higher quality of life throughout the Kingdom that supports our strategy as well as ROSHN’s.”
ROSHN’s partnership strategy, which extends across consultants, main contractors, sub-contractors, and suppliers, is also boosting local economies and the national real estate sector by providing investment opportunities, catalysing supply chains, and creating new jobs. The company aspires to be a national champion and the largest developer in the region, driving growth and setting new standards across multiple sectors, acting as a key tool for private sector enablement, localization, and talent development.
SEDRA, ROSHN’s first project in the Kingdom, has been delivered ahead of schedule. The community will feature neighbourhoods packed with amenities that support a well-balanced, fulfilling lifestyle – including cycling routes, parks, sports areas, health and education infrastructure, shopping malls, cafes and restaurants, and mosques.
The Agreement with Ajdan brings together two institutions at the leading edge of the Kingdom’s real estate expansion. Founded in 2016, Ajdan has built its reputation on innovative mixed-use developments across the Eastern Province – including the iconic ‘Ajdan Waterfront’ in Al Khobar. As well as real estate development, the company has a strong pedigree in asset management and real estate portfolio investments, property management sales, and lease & marketing.
ROSHN is a national real estate developer, powered by Saudi Arabia’s Public Investment Fund (PIF). Its developments are unprecedented in scale in Saudi Arabia and will generate vibrant new communities in 9 cities across four regions, including Riyadh, Jeddah, Al Kharj, Al Hofuf, Al Qatif, Makkah, and Abha. Following the successful opening of its flagship SEDRA development, ROSHN has brought its vision for a new way of living to the Kingdom’s west coast, with the launch of Jeddah’s ALAROUS. ROSHN builds communities that look both to Saudi heritage and the evolving aspirations of the Saudi people, acting as the master developer, property developer and operator across a broad range of asset classes and land uses, including residential, retail, commercial, hospitality and public/civic facilities.
ROSHN Group signs MOU with Tsangs Group for tech investment collaboration.
ROSHN Group Continues Its Winning Streak at the Construction Week KSA Awards
ROSHN Group Receives Special Recognition at Zahra Awards Ceremony in recognition of its significant contribution to Breast Cancer Awareness
ROSHN Group Receives Global Ethical Kitemark at Saudi Arabia’s First CIPS Procurement and Supply Chain Conference
ROSHN signs a membership agreement with Bayan Credit Bureau to enhance access to comprehensive credit reports
ROSHN Group Joins Smart City Expo World Congress as Global Partner, Showcasing Saudi Arabia’s Leadership in Sustainable Urban Transformation
ROSHN Group Heads to Restatex Asharqia Real Estate Exhibition as Diamond Partner