Saudi gigaproject developer Roshn and the local Ajdan Real Estate Development Company have signed an agreement to develop 113 residential villas within Roshn's Almanar community in Mecca. The deal includes the design, construction and sale of premium villas on a 32,921 square metre (sq m) plot of land. Almanar is the fifth mixed-use community by Roshn, which is backed by Saudi sovereign wealth vehicle the Public Investment Fund (PIF), and is the developer's first venture in Mecca. The first phase will be built over 2.5 million sq m of land. It will comprise 4,149 residential units, including three- to five-bedroom townhouses, duplexes and villas, catering to over 17,000 people The development will feature facilities including a mall and eight commercial centres, a business park and other social infrastructure. Almanar will be located at the western gate of Mecca, between the old and new expressways linking Mecca and Jeddah. In 2023, Roshn and Ajdan Real Estate Development Company signed an agreement to develop residential units within Roshn's Sedra community in Riyadh. The $84m deal involved Ajdan sub-developing 302 residential villas within Sedra Phase 2B over a period of three years. Created in 2018, Roshn aims to increase homeownership rates among Saudi citizens to 70%. The company plans to develop more than 395,000 residential units in Riyadh, Mecca, Asir and the Eastern Region. According to GlobalData, the residential sector is expected to grow by 4.2% in real terms in 2024, before growing at an annual average growth rate of 5.9% in 2025-28, supported by government initiatives to provide affordable housing as part of the government’s aim to increase homeownership from 62% in 2020 to 70% by 2030.   For registration as a supplier: https://www.roshn.sa/partnerships (ICE RIYADH)

Fonte notizia: Meed