· The initiative is the latest step in ROSHN’s journey to become a multi-asset class real estate developer and manager of global significance
· The acquisition enables ROSHN to offer residents of its adjoining SEDRA community access to new amenities, retail promotions, and loyalty schemes
Riyadh – Gulftech:
ROSHN, the national real estate developer bringing a new way
of integrated living to the Kingdom, has expanded its footprint in Riyadh by acquiring Riyadh Front’s shopping and business areas, located adjacent to ROSHN’s flagship development, SEDRA. The purchase of existing commercial and retail space from Riyadh Front Company is a first for ROSHN, and the latest step in its journey to becoming the region’s biggest multi-asset class real estate developer.
‘As a national developer with a long-term vision, we see a unique opportunity to integrate the world class commercial and retail real estate of Riyadh Front with our groundbreaking SEDRA community, providing residents with improved access to amenities, exclusive promotions, rewards programs, and e-commerce options. The potential synergies are immense,’ said David Grover, ROSHN’s Group CEO.
To ensure best-in-class service levels to tenants and visitors to Riyadh Front, ROSHN has struck a property management agreement with its original developer, Kaden Investment. Riyadh Front was opened by Kaden in 2019, and since then it has become a key attraction in Riyadh’s commercial and retail landscape. Riyadh Shopping Front is a mixed-use lifestyle mall of approximately 80,000 square metres that includes a diverse range of tenants such as Vox Cinemas, Magic Planet, Urrth Café, Huawei, Alfa Foods, Amazon and IWG Spaces. It receives over 10 million visitors annually. Riyadh Business Front is a gated corporate campus of approximately 80,000 m2, with a rent roll of blue-chip tenants that includes KPMG, Deloitte, Servcorp, SEVEN, Monshaat, Noon, SNC Lavalin, and STC. Located adjacent to the shopping area, Business Front features world-class modal workspaces, 1 km of walking promenade and green spaces, and state-of-the-art facilities such as a fitness centre, 4-star hotel and meeting rooms, conference halls, and a nursery.
The mixed-use assets of Riyadh Front will complement the array of amenities being developed by ROSHN at its adjoining SEDRA community, which will bring 30,000 new homes to the market when its eight phases of development are complete. Residents of SEDRA benefit from a combination of features that is unique in the market, including design that blends traditional forms with cutting edge technology, a network of green and open spaces, a ‘living environment’ with pedestrian-friendly streets, long-term maintenance and management frameworks, and walkable access to a range of health, education, retail, entertainment, and sport facilities. Residents are due to move into their new homes in SEDRA Phase 1 this month, and ROSHN has already launched sales for SEDRA Phase 2, which will add more than 2,100 new homes to the community, over an area of 3.6 square kilometres.
ROSHN is a national real estate developer, powered by Saudi Arabia’s Public Investment Fund (PIF). It has a mandate to deliver high-quality living standards to Saudis and support government efforts to increase rates of home ownership. ROSHN builds communities on an area of more than 200 million square meters, acting as the master developer, property developer and operator across a broad range of asset classes and land uses, including residential, retail, commercial, hospitality and public/civic facilities.
