Sources within Saudi Arabia’s Public Investment Fund-owned real estate company, “ROSHN,” have revealed that its projects are experiencing substantial demand, surpassing its residential offerings.
ROSHN has awarded commercial contracts worth SAR 37.5 billion (approximately $10 billion) to develop projects in various sectors, including retail, hospitality, education, healthcare, logistics services, and mosque construction.
Additionally, it was disclosed that 100% of the units in the first phase of the “SEDRA” project, located north of Riyadh, have been sold.
Furthermore, sales of the second phases of both the “SEDRA” project in Riyadh and the “ALAROUS” project in Jeddah have approached the 7,000-unit mark.
Established in 2020, ROSHN is a national real estate development company and one of the major projects under the Saudi Public Investment Fund (PIF).
Its chairman is Saudi Crown Prince Mohammed bin Salman bin Abdulaziz, who also serves as the head of the Council of Ministers and the Council of Economic and Development Affairs.
Committed to enhancing the quality of life across the kingdom, ROSHN operates in four main regions: Riyadh, Makkah, the Eastern Province, and Asir.
Sources, in exclusive statements to Asharq Al-Awsat, revealed that the total land area where ROSHN operates currently exceeds 200 million square meters.
This includes 20 million square meters for the SEDRA project in Riyadh, 1.4 million square meters for the WAREFA project in Riyadh, 4 million square meters for the ALAROUS project in Jeddah, and 10.8 million square meters for the ALFULWA project in Al-Ahsa.
Sources emphasized the company’s commitment to providing homes for more than 2.2 million Saudi citizens by 2030, through the delivery of over 400,000 high-quality residential units within the ROSHN communities across different regions of the kingdom.
“We took the initial steps towards achieving this goal in 2021 when we launched the first phase of the SEDRA project in Riyadh, which was completely sold out,” ROSHN sources, who requested anonymity, told Asharq Al-Awsat.
“Since then, unit sales have commenced in the second phase of both the SEDRA project and the ALAROUS project in Jeddah, both of which have witnessed remarkable interest from buyers, resulting in the sale of more than 6,859 residential units,” they added.
“Over 700 of these units have already been handed over in the SEDRA community, marking the first large-scale projects to be delivered to customers,” sources explained.
“Our projects extend beyond residential offerings to encompass various other vital sectors, including retail, healthcare, education, mosques, entertainment, and logistics services.”
“For instance, we recently acquired two million square meters of commercial space on Riyadh’s forefront, representing a promising opportunity for ROSHN and investors, and more importantly, for Saudi citizens,” sources clarified.
ROSHN intends to build upon its successes in 2022 and achieve even greater accomplishments in both 2023 and 2024.
The company aims to continue surpassing its development and sales targets, based on information from sources who indicated that construction activities are progressing rapidly across various projects. These efforts align with our goals that are in line with Saudi Arabia’s Vision 2030.
Regarding the assessment and pricing of the company’s products, sources clarified that the real estate unit prices are aimed at enhancing ROSHN’s competitive edge.
These prices are based on comprehensive market research to ensure the company’s ability to offer products that align with the needs, expectations, and aspirations of Saudi citizens.
ROSHN’s residential offerings cater to the housing needs of all Saudi citizens, whether they are single individuals or multi-family households, with various sizes and designs.
Furthermore, it was noted that all of the company’s projects have garnered significant interest in the market.
For instance, 100% of the units in the first phase of the SEDRA project, located north of Riyadh, have been successfully sold.
The company has witnessed strong interest from customers and investors across different market segments, resulting in a substantial increase in sales and expansion into new market sectors driven by high and growing demand.
In line with this, ROSHN is planning to soon launch a diverse range of products characterized by spacious layouts and new features.
This move reflects the company’s commitment to adapting to the evolving market dynamics and meeting the evolving preferences of its clientele.
