Saudi Real Estate Company (Al-Akaria) has signed an agreement to purchase plot packages K1 and K2 within Saudi Arabia’s Public Investment Fund-backed (PIF) developer Roshn’s Sedra masterplan in Riyadh.

The SR141.9m ($37.8m) transaction is exclusive of the real estate transaction tax and its terms include the development of a combined 155 plots.

The land plots have a total area of 44,3698 square metres (sq m). The transaction is expected to contribute to Al-Akaria’s short-term sales revenues over a two- to three-year period.

The agreement makes Al-Akaria the latest firm to join the Sedra scheme as a sub-developer. Roshn signed a partnership with the local Retal Urban Development in December, as part of which the company will build 103 villas and townhouses within the first phase of Sedra. 

Roshn too is tendering work at the masterplanned community. Bidding is underway for three packages of Sedra’s second phase, as MEED reported in May.

Phase 1 of Sedra spans more than 3 million sq m and is said to include more than 4,000 homes across the townhouse, duplex and villa layouts.

Construction is underway on multiple packages as part of phase 1. India's Shapooji Pallonji is working on the contract to deliver 3,000 homes under one package, while the local Rezaik al-Gedrawy is working on the 1,082-unit second residential package.

Sedra is planned to be developed in eight phases with 20 million sq m of land dedicated for community areas. The project will feature 30,000 homes and more than 300 assets for amenities such as retail units, mosques, schools and healthcare facilities.

The development is located north of Riyadh, close to Princess Nourah Bint Abdul Rahman University and south of King Khalid International airport.