Saudi PIF’s developer to hand over Riyadh homes in 2022

RIYADH: Roshn, Saudi Arabia’s national community developer, is planning to start off-plan sales at its flagship project in Riyadh later this year, with the handover of the first homes to tenants likely in early 2022, a senior executive said.

The Kingdom’s state-owned Public Investment Fund (PIF) launched Roshn as a real estate company last year. 

The developer’s master project in the Saudi capital will extend over an area of more than 20 million square meters and will include more than 30,000 homes. The project’s first phase involves 4,000 homes that will become available for sale by the middle of this year.

“In due course, we will be providing detailed information on how citizens can apply for a home, in addition to all available financing options,” Roshn’s Group CEO David Grover told Arab News.

“Our communities are entirely inclusive, with homes to suit all tastes and budgets. Our aim is to provide a modern, aspirational living experience while giving residents the freedom to interpret what this means to them in their own unique way. Our communities have been designed to inspire a strong sense of neighborly spirit and genuine connection between residents.”

Roshn announced the signing of $930 million worth of construction contracts earlier this year. Grover said the developer partnered with Rezaik Abdallah Al-Gedrawy & Co. as the main contractor for the first phase of the flagship development and have also awarded contracts to Posco E&C, AWJ International and Zuheir Ahmad Al Zahran and Company.

In relation to the timeline for their existing projects, Grover said: “Roshn’s customer experience center is expected to be ready in Q1 2021, while the handover process of homes will start in early 2022. Construction is planned to be completed by Q4 2023.”

With facilities such as mosques, schools, cafes, restaurants, healthcare, leisure and entertainment options, the community aims to cater to the needs of future residents and act as a self-contained “city within a city,” he added.

Roshn was launched in August 2020 by the PIF to deliver high-quality residential neighborhoods to Saudi nationals. The company is committed to supporting the Kingdom’s Vision 2030 goal of increasing the rate of homeownership in the country to 70 percent.

“Saudi Arabia is home to a number of world-class developers, and we are consistently looking to collaborate and partner with highly ambitious local firms to deliver on our mandate,” he said.

Despite the coronavirus (COVID-19) pandemic, Grover said Roshn has hit more than 90 percent of its 2020 business targets.

“Roshn will work closely with the mortgage industry to help meet the needs of each individual buyer’s personal circumstances and financial situation,” the CEO said of his immediate priorities for 2021.