Dar Al Arkan, a leading real estate development company in Saudi Arabia, has said that it has been awarded a contract by Roshn, the master developer and unit of PIF, the Saudi sovereign wealth fund, for the development of residential units at Sedra, the 20 million square metre megaproject located in northern Riyadh.
Constructing sustainable communities
In a statement, Dar Al Arkan said the project aims to combine the expertise of both entities and bring more value to Roshn’s housing offering in Sedra. It added that there will be a diverse mix of housing typologies on offer at the development, both in terms of size and shape, but also in density. The entire masterplan has been conceived around a ‘work, live and play’ model that aims to foster a sustainable community, it added.
"Our vision at Roshn is to develop fully integrated, sustainable, modern communities that pay homage to the kingdom’s rich architectural heritage and enrich the lifestyles of citizens and residents," said Roshn Group CEO David Grover.
"Bringing the Roshn concept to life requires novel ways of thinking, new partnerships with the top entities in their fields, and innovative solutions to address the challenges of the future. As a development sector enabler, we leverage our partnerships to ensure we bring the highest quality homes to markets, across the kingdom," he added.
Building living communities in Saudi Arabia
Sedra will consist of eight phases of delivery and will be built across a land area of 20 million square metres. It will consist of 30,000 plus homes and will offer more than 300 amenities, including retail, mosques, schools, and healthcare facilities.
The mix of housing will include apartments, duplexes, townhouses, and villas, it added.
The development is located near Princess Nourah Bint Abdul Rahman University and is south of King Khalid International Airport. It is close to the capital’s most prominent destinations and provides accessibility to main roads.
Roshn is funded by Saudi Arabia’s Public Investment Fund and is tasked with building ‘living’ communities by placing key health, education, sports, retail, and entertainment amenities within walking distance of homes. The master developer aims to encourage social interaction through attractive public spaces – including green areas and communal facilities.
On the collaboration, Dar Al Arkan Chairman Yousef Al Shelash said: "Sedra is one of the Kingdom's most anticipated projects, and we are confident that with our years of expertise and focus on quality, we will deliver beautiful and well-appointed villas in the community that will further raise the bar for luxury residences in Saudi Arabia."
The development is slated to be completed over a period of three years, he concluded.