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Saudi PIF’s developer Roshn to build 30,000 homes in Riyadh

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Saudi Arabia’s national developer Roshn announced on Thursday its plans to build 30,000 homes in the capital Riyadh.

The homes will be built as part of Roshn’s 10-year development plan, with the first off-plan homes available for purchase in the first half of 2021.

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The Kingdom’s state-owned Public Investment Fund (PIF) launched Roshn as a real estate company this year.

Its aims include increasing home ownership in the Kingdom, incorporating the latest technologies and best practices to the construction sector, and developing modern neighborhoods to enhance the quality of life in the Kingdom in line with the Vision 2030 reform plan.

Roshn Group Chief Executive Officer David Grover hailed the new housing plan as a step toward achieving these goals.

“We are deeply committed to contributing to Vision 2030’s plans to increase the rate of home ownership in the country to 70 percent, whilst delivering high-quality homes and excellent amenities to the Saudi people,” said Grover in a statement.

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The “Riyadh community” development will extend across 20 million square meters in the city.

The homes will be designed “to reflect the best of modern living whilst celebrating Saudi Arabia’s rich culture and heritage,” the company said in the same statement.

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Last Update: Thursday, 19 November 2020 KSA 12:11 – GMT 09:11