Roshn Group, the kingdom’s leading multi-asset class real estate developer powered by Saudi wealth fund PIF, has announced that it has awarded new contracts worth SAR1.5 billion ($400 million) for Sedra, the group’s largest integrated development in Riyadh.

The scope of work includes construction of more than 1,900 residential units as well as infrastructure development works related to the retail facilities of Sedra, said Roshn.

The first agreement, valued at SAR650 million, was for development of more than 900 residences and sports facilities at Sedra. The second contract was awarded for the development of more than 700 residential units.  A further agreement, worth SAR720 million, was inked for the development of more than 300 premium homes in Sedra.

In addition, a SAR130 million agreement was signed for the construction of Sedra’s first district retail mall.

Roshn Group launched the sales of 403 additional single-family residential homes within Sedra last month.  The new homes are available for purchase and represent a standalone unique offering within Sedra.

Also last month, Roshn Group launched the first batch of sales for Almanar, its first community in Makkah. This offering includes 727 single-family homes, ranging from three to four-bedroom townhouses and duplexes up to four- to five-bedroom villas, including Roshn Group’s largest C10 villa typology offering, said the developer.

Almanar enjoys a strategic location adjacent to Makkah Gate, just 20 minutes from the Al-Masjid Al-Haram.

Meanwhile, last month Roshn Group also announced that it has entered into a deal with Saudi National Bank to secure a SAR2 billion ($266 million) shariah-compliant credit facility.  The loan agreement, which is for seven years, will be used to fund the acquisition of Roshn Front, said Roshn.

The purchase of Roshn Front marked the group’s expansion in two new verticals – commercial and retail. Roshn Front – Retail is home to premier retail and F&B brands, while Roshn Front – Business, is occupied by  government, private sector, and multinational entities.