Roshn, a leading Saudi community developer backed by Public Investment Fund (PIF), has awarded major contracts worth SR1.9 billion ($506 million) to Shapoorji Pallonji Mideast (SP Mideast) and Siemens for the development of Phase One of its landmark Riyadh community development.
Spread across a 20-million-sq-m area, the Riyadh community is strategically located south of King Khalid International Airport and close to the city’s main attractions, key highways and transportation links.
As per the deal, Shapoorji Pallonji Mideast will be responsible for construction of 3,000 homes along with associated utilities, roads and landscaping at the upcoming development, while Siemens will provide detailed engineering, procurement, and the installation of all associated underground cabling extending 26 km long.
Roshn Group CEO David Grover says: “Our partnerships with Shapoorji Pallonji and Siemens clearly demonstrate Roshn’s commitment to partnering with best-in-class organisations as we deliver this landmark development, and lies at the heart of our mission to support Vision 2030’s goals to create more opportunities for Saudis to own high-quality homes in the kingdom.”
This partnership with Shapoorji Pallonji and Siemens brings Roshn’s total contract value to SR3.5 billion to support the development of the flagship Riyadh community.
According to him, Roshn’s Riyadh community forms part of the developer’s wider 10-year strategy to contribute to the rapidly increasing demand for housing across the kingdom.
“The Riyadh community sets a new standard for housing in Saudi Arabia by offering a dynamic and modern living experience, rooted in work and play, through the provision of quality homes at a competitive price,” Grover points out. “In addition to more than 30,000 contemporary homes that fuse modern design with a celebration of the capital’s rich heritage, the communities will include mosques, shops, cafes, parks, schools, and leisure and entertainment facilities.”
The architectural design of the community has been carefully considered to reflect the best of modern living whilst celebrating Saudi Arabia’s rich culture and heritage, he adds.
Shapoorji Pallonji CEO and Managing Director Mohandass Saini says: “We are aligned with the Saudi government’s mandate to drive Saudisation by hiring and training local talent in the real estate market. The company has already executed several mega projects in the kingdom, including the headquarters of Sabic in Jubail, the headquarters of Saudi Electric Company (SEC), King Abdullah Financial District in Riyadh as well as various hotels, commercial complexes and high-rise commercial towers, creating job opportunities for the Saudi people.”