Saudi: ROSHN awards $57mn contract for SEDRA
The sale and purchase agreement follows a similar agreement from 2023 between ROSHN and Dar Al Arkan
ROSHN Group, a developer backed by Saudi Arabia’s wealth fund PIF, signed a deal last week with Dar Al Arkan to develop residential villas.
Worth around $57 million (SAR215 million), the sale and purchase agreement follows a similar agreement from 2023 and will see Dar Al Arkan acquire and develop residential villas in phase 1A of the SEDRA integrated community megaproject, located near Riyadh.
Founded in 1994, Dar Al Arkan is the largest developer by market value in Saudi Arabia, and has built 15,000 residential villas across eight countries.
In November 2023, the developer launched a series of co-branded residential villas, also in SEDRA.
Named Etoile by Elie Saab, the luxury villas are a collaboration with Lebanese couture house Elie Saab, and feature three- and four-bedroom villas, with the Wadi Villas offering uninterrupted views of immersive wadis.
Exteriors will feature window boxes done up in antique textures, while the interiors will have warm wood finishes, cool flawless marble, and a luxe cream palette, as well as spacious walk-in closets and en-suite bathrooms.
In the last year, ROSHN launched sales for WAREFA, in east Riyadh, ALAROUS, the community adjoining MARAFY in Jeddah, and phases 2 and 3 of SEDRA.