RIYADH: Saudi Arabia’s national real estate developer ROSHN has acquired the shopping and business areas of Riyadh Front, a mega business and leisure development, as the public Investment Fund-backed company looks to expand its footprint in the Kingdom’s capital.
The purchase of the existing commercial and retail space, which is located adjacent to ROSHN’s flagship development project SEDRA, is a first for the developer, according to a press release.
“As a national developer with a long-term vision, we see a unique opportunity to integrate the world-class commercial and retail real estate of Riyadh Front with our ground-breaking SEDRA community, providing residents with improved access to amenities, exclusive promotions, rewards programs, and e-commerce options. The potential synergies are immense,” said David Grover, CEO of ROSHN Group.
The press release further noted that ROSHN has also struck a property management agreement with Kaden Investment, the original developer of Riyadh Front.
It should be noted that Riyadh Front was opened by Kaden in 2019, and since then it has been a key attraction in the capital city’s commercial and retail landscape, attracting 10 million visitors annually.
Riyadh Front spans over 80,000 sq. m, and it includes a diverse range of tenants such as Vox Cinemas, Magic Planet, Huawei, Alfa Foods and Amazon.
It also has a rent roll of blue-chip tenants comprising KPMG, Deloitte, Servcorp, SEVEN, Monsha’at, Noon, SNC Lavalin, and STC.
The mixed-use assets of Riyadh Front are expected to complement the array of amenities being developed by ROSHN at the SEDRA community, which is expected to house 30,000 new homes upon the completion of the project.
The developmental project will also feature 20 million sq. m of integrated neighborhoods supported by education, healthcare, infrastructure, and retail outlet facilities.
SEDRA is the first project of ROSHN in the Kingdom and is being developed over eight phases in Riyadh’s northern sector.
Earlier in November, ROSHN started the key handover at the first phase of development at SEDRA, ahead of the scheduled time.
“The handover of the first ROSHN home is a momentous occasion not just for ROSHN but for the Kingdom at large. SEDRA will be the first project that sees our vision for the future become a reality on the ground and I am excited for our first residents to experience the ROSHN way of life,” Grover had said.
In November, ROSHN also launched the first phase of its Al Arous project in Jeddah, named ‘The Bride of the Red Sea’ which will offer more than 2,200 single-family units.
The community project on the west coast will also include pedestrian-friendly streets, and green spaces, along with civic, retail, sports, and recreational amenities to promote a healthy lifestyle.