Saudi Arabia’s Retal Urban Development Company (Retal) has signed an agreement worth $91mn (SAR 339.4mn) to develop 372 residential plots within the SEDRA master plan in Riyadh.
The sale-purchase agreement was signed with Public Investment Fund (PIF)-backed Roshn, which is focused on contributing to the demands for increased home ownership across Saudi Arabia.
In a statement to Tadawul, Retal noted that the acquisition forms part of a development partnership with ROSHN and would be financed through the company’s bank facilities and proceeds from off-plan sales.
SEDRA: Riyadh’s first integrated community
Located north of Riyadh, close to Princess Nourah Bint Abdul Rahman University and south of King Khalid International Airport, SEDRA is the first integrated community in Riyadh.
Inspired by the designs of Salmani architecture, it encompasses a 20sqm community land area and more than 30,000 houses, in addition to amenities such as retail. mosques, schools, and healthcare. the project will be delivered in eight phases.
Earlier this month, Saudi Real Estate Co. had formed an agreement of a similar understanding with ROSHN for 155 residential plots within packages K1 and K2 of the SEDRA masterplan.
ROSHN launches second integrated community in Saudi: AlAROUS
In addition to SEDRA, ROSHN’s second integrated community named ALAROUS is located in north Jeddah, and will be developed in a strategic site connecting the residents with the city’s main roads.
ALAROUS community will extend over approximately 4 million sqm, and includes more than 18,000 thousand different residential units to suit all segments of society. ALAROUS is part of ROSHN’s larger strategy of developing modern and vibrant neighbourhoods in four regions and nine cities in Saudi Arabia.
ROSHN was launched by Crown Prince HRH Mohammed bin Salman bin Abdulaziz Al Saud, in 2020 to develop integrated urban neighbourhoods containing residential communities with modern standards across the kingdom.
ROSHN will aim to meet the demand for new housing supply; develop integrated neighbourhoods; localise international best practices; incorporate the latest technologies in construction; and enhance the quality of life in various parts of the kingdom.
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