Saudi Arabian real estate developer Roshn is making progress with the construction works on the first phase of the infrastructure development at its Almanar mixed-use development in Mecca. Local contractor Saudi Pan Kingdom (Sapac) is executing the infrastructure package, which is valued at $225m. The first phase will be built over 2.5 million square metres of land. It will comprise 4,149 residential units including three- to five-bedroom townhouses, duplexes and villas, catering to over 17,000 people. The development will feature facilities including a mall and eight commercial centres, a business park and other social infrastructure. Almanar will be located at the western gate of Mecca, between the old and new expressways linking Mecca and Jeddah. Almanar is the fifth mixed-use community by Roshn, which is backed by the Public Investment Fund (PIF), and is the developer's first venture in Mecca. Roshn formally launched the Almanar project in April this year. Created in 2018, Roshn aims to increase homeownership rates among Saudi citizens to 70%. The company plans to develop more than 395,000 residential units in Riyadh, Mecca, Asir and the Eastern Region. Roshn is developing the Sedra community in northeast Riyadh, which is masterplanned to include 30,000 homes built in eight phases. Earlier in May, Roshn awarded a $770m construction contract to the local contractor Building Construction Company for the Aldanah project in the Eastern Province of Saudi Arabia. The scope of the contract covers the development, design and infrastructure works for 1,962 residential units in the Aldanah community in Dharan. According to GlobalData, the residential sector is expected to grow by 4.2% in real terms in 2024, before growing at an annual average growth rate of 5.9% during 2025-28, supported by government initiatives to provide affordable housing as part of the government’s aim to increase homeownership from 62% in 2020 to 70% by 2030.   For registration as supplier: https://www.roshn.sa/en/opportunities#vendors   (ICE RIYADH)

Fonte notizia: Meed