Roshn and China Harbour sign $2.06bn housing deals

11 September 2023
The agreement was signed on the sidelines of the Cityscape Global event in Riyadh

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Saudi Arabia real estate developer Roshn, a Public Investment Fund (PIF)-backed company, and Chinese contractor China Harbour Engineering Company have signed two deals worth SR7.7bn ($2.05bn) to develop Roshn’s Sedra and Warefa communities in Riyadh.

The contract duration is 45 months from the construction start date. The agreement was signed on the sidelines of the Cityscape Global event in Riyadh.

Roshn is developing the Sedra community, which is masterplanned to include 30,000 homes across eight phases, in northeast Riyadh.

The Warefa project was launched in March. It spans 1.4 million square metres (sq m) and includes 2,000 homes, as well as a district mall, a primary healthcare facility, public and private schools, mosques and 160,000 sq m of public parks and open spaces.

Roshn awarded at least two other contracts at the Cityscape event. These include an SR690m deal with Saudi-based PC Marine Services for canal and bridge construction at its recently launched Marafy community in Jeddah. 

Another contract worth SR840m was signed with local contractor Saudi Pan Kingdom Company for the infrastructure works at Roshn’s upcoming communities in the kingdom’s western regions.

Roshn launched the Marafy project in Jeddah in August this year. The project will cater to over 130,000 residents and have an 11-kilometre-long manmade canal at its centre. Marafy will comprise multiple districts, including Roshn’s existing integrated residential development Alarous. 

Roshn did not disclose the project cost and timelines.

In March, Roshn launched Alfulwa, its fourth housing development in Saudi Arabia. The project spans 10.8 square kilometres and will be built close to Al-Ahsaa in the Eastern Province. The scheme involves the construction of 18,000 residential units that will house a population of more than 100,000 people.

Created in 2018, Roshn aims to increase homeownership rates among Saudi citizens to 70 per cent.

The company plans to develop more than 395,000 residential units in cities within Riyadh, Mecca, Asir and the Eastern region.

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