The real estate sector in Saudi Arabia is witnessing more collaborative projects, the latest being a partnership deal struck between Ajdan, a leading mixed-use lifestyle developer which is known for the Ajdan Waterfront in the kingdom’s Eastern Province, and Roshn, a PIF-backed giga-project developer.
The deal is for developing over 270 villas within Roshn’s mixed-use community ‘Sedra’ in northeast Riyadh.
Sedra, one of Riyadh’s most highly anticipated developments, will be home to over 2,100 residential units in the midst of a host of entertainment and commercial attractions such as public parks, entertainment areas, retail, community centers, schools, sports hub, health clinics and a cluster of restaurants and cafes.
Under the deal, Ajdan is to develop and market premium villas on an 80,754sqm plot of land within Sedra’s prime locations.
Located northeast of Riyadh within close proximity to the main roads and south of King Khalid International Airport, Sedra’s strategic location makes it a hotspot for locals and visitors alike.
Ajdan’s chief executive officer Mohammed Abdulmohsen AlOtaibi said the company was excited about partnering with Roshn, one of the foremost giga-project developers in the country, to develop a high-quality residential project.
The partnership with the Roshn group is part of Ajdan’s move to further expand its footprint in the capital city of Riyadh.
Its project portfolio is currently centred in three main cities – Al Khobar, Riyadh and Jeddah.
The company said it has plans for a rapid expansion into other cities and regions of Saudi Arabia.
For Roshn, partnering with Ajdan aligns with its vision of developing open, integrated communities supported by a world-class array of amenities.
“By partnering with Ajdan, we ensure that the residents of our communities have access to the best products and services that the industry has to offer,” David Grover, group chief executive officer of Roshn, said.
“Like us, Ajdan is introducing new living experiences to the Saudi housing market, and their villas will perfectly complement our design,” Grover said.
Ajdan, one of Saudi Arabia’s leading mixed-use, lifestyle developers, gained popularity after its projects in Al Khobar such as Ajdan Waterfront, including the popular ‘Ajdan Walk’, became among the most sought after ones in the province.
The bustling Ajdan Walk, located in the heart of Al Khobar, features the first food village in the Eastern Province with many leading international food brands located in and around the Boulevard street.
The company has three more projects in the pipeline in Al Khobar – the soon to be opened Fairmont Hotel, and residential projects Bayfront and Infiniti.
Al Khobar has recently gained momentum as a hub of cross-functional projects that ascribe to a holistic approach. Many of these projects have already launched, with many others being under development.
Projects in the Eastern Province such as Dharhan Opera House, SEVEN and others position the region as a charming destination for domestic and GCC tourists.
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