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Roshn Group, a leading real estate developer in Saudi Arabia, has signed a SAR215 million ($57.2 million) partnership agreement with top developer Dar Al Arkan for the construction of residential villas within its Sedra community.
A fully-owned unit of Saudi wealth fund PIF (Public Investment Fund), Roshn has previously partnered with global firms to provide smart and environment-friendly solutions for the residents of its compounds, said a statement from the company.
The deal comes as part of the group’s efforts to further strengthen its leadership in the kingdom’s real estate market by expanding its strategic partnerships with best-in-class entities, it added.
With the inking of sale and purchase agreement with Roshn, Dar Al Arkan said it is embarking on their second project within the prestigious Sedra community in northern Riyadh.
Building on a successful collaboration with Roshn, Dar Al Arkan has acquired land to develop 200 villas, reaffirming their dedication to delivering exceptional residential offerings, it added.
Spanning an impressive 56,280 sq m, the project will introduce meticulously designed villas that epitomise luxury living in Saudi Arabia.
Aligned with Roshn's vision for integrated, sustainable communities, Sedra will seamlessly blend modern amenities with Saudi heritage, it stated.
On the key partnership, Mohammed Al Motawakil, Chief Operating Officer, Dar Al Arkan, said: "Together, we're committed to shaping Saudi Arabia's residential landscape. Our aim extends beyond delivering meticulously crafted villas to setting new standards for luxury living. Leveraging our expertise, we aspire to exceed expectations, pioneering quality, innovation, and sustainability in real estate."
This significant collaboration marks a pivotal moment in the realm of Saudi real estate, bringing together two industry leaders with a shared commitment to innovation and excellence, stated Al Motawakil.
Dar Al Arkan and Roshn are set to elevate the Sedra community with luxurious living spaces, setting new standards for modern living in the kingdom, he added.-TradeArabia News Service