RIYADH: Saudi Roshn has signed SR3.5 billion ($933 million) in seven partnership contracts to develop the first phase of its integrated neighborhoods in Riyadh, according to Al Arabiya.
The project will extend over an area of more than 20 million sq meters, and will include more than 30,000 homes. The project’s first phase involves 4,000 homes that will become available for sale by the middle of this year.
Last month, the company announced the signing of SR1.6 billion worth of contracts to begin work on the project in the Saudi capital.
Roshn’s neighborhood will promote modern urban designs while also preserving the Kingdom’s architectural heritage, according to Al Arabiya.
The company began construction work on the first district in Riyadh in early December last year.
Roshn was launched earlier this year by the Public Investment Fund to deliver high-quality residential neighborhoods to Saudi nationals. The company is committed to supporting the Vision 2030 plan to increase the rate of home ownership in the Kingdom to 70 percent.
The company’s mission is to develop large-scale modern and integrated communities in nine cities across four regions in the country. Saudi Roshn projects will advance the Kingdom’s construction and infrastructure sectors through strategic partnerships with local organizations and world-leading companies, and the use of locally sourced construction materials.