ROSHIN, the national real estate developer for residential areas and one of the Saudi Public Investment Fund companies, announced a new partnership with Shapoorji Pallonji Mideast and Siemens Ltd to contribute to the development of the first phase of Roshin’s first neighborhoods in Riyadh.
Roshin said that within the framework of this partnership, Shapoorji Pallonji Mideast will construct 3,000 homes, in addition to facilities, roads, and landscaping. The partnership contract is valued at 1.9 billion riyals, which are considered major development pillars in the construction of the Riyadh community, and it is the first that Roshin has launched as part of a long-term plan to develop residential neighborhoods across the Kingdom of Saudi Arabia. Through it, the company aims to develop integrated neighborhoods that contribute to meeting the increasing demand of society.
ROSHIN has also awarded a contract to Siemens Ltd. to handle all engineering, procurement, and the construction of all underground cables within tracks of up to 26 km.
David Grover, CEO at ROSHIN said: “The Riyadh community is setting a new standard for housing in the Kingdom of Saudi Arabia by offering a modern living experience, by providing quality homes at competitive prices.
This is the first neighborhood of ROSHIN in Riyadh, and it is a new stage in the housing sector in the Kingdom. The area of the neighborhood is more than 20 million square meters. It is strategically located in the north of the city of Riyadh near Princess Noura bint Abdulrahman University and south of King Khalid International Airport, and near the most prominent destinations in the City and main roads.
The residential community includes more than 30,000 homes that are developed within the highest international building specifications and standards, while preserving architectural designs that highlight the heritage and legacy of the city of Riyadh, in addition to parks, pedestrian roads, bicycle paths, restaurants, cafes, schools, and mosques.