Mashael thank you for meeting with us here at Cityscape Global. Where are you from?
MG I am Saudi, originally from Madinah, used to live in Jeddah. I joined ROSHN Real Estate four years ago as the first member in the Sales department.
How are the sales going at Cityscape?
MG Very well. Potential customers are expressing their interest in the coming phases of SEDRA community and the upcoming WAREFA community, as it is not yet launched for sale. Both are located in Riyadh city.
On the other hand, the sales in ALAROUS community located in Jeddah city is doing great. Sales are beyond our expectations.
At Cityscape, is it possible to reserve a unit, you don’t have to make a down payment?
MG Both. For the projects that are still not launched for sale, people are just expressing their interest.
For ALAROUS, since it was launched last year, we’re able to complete a full transaction. It’s the first time at Cityscape in Saudi Arabia to allow sales, a full transaction with payment.
This a breakthrough for the first Cityscape Global in Saudi Arabia.
Sales are now occurring at SEDRA and WAREFA in Riyadh, and ALAROUS in Jeddah?
MG We are now selling for ALAROUS. SEDRA community has 12 phases, we have sold out phases 1 and 2. At Cityscape Global, we are displaying SEDRA phase 3 and WAREFA communities. As I mentioned, we are only generating interest now, we’re hoping to begin selling very soon.
The populations of these communities will be quite large. SEDRA is planned to have 30,000 units. Who is buying? What is their motivation?
MG SEDRA is in a very strategic location to begin with. Being a credible developer owned by Public Investment Fund is a fact that attracts potential customers. I believe the idea of humanized communities is what makes ROSHN a unique master developer. We are not only developing homes. We ensure high quality, various typologies to cater to different needs, and handing over on time.
We are developing as well the public amenities such as mosques, commercial centres, medical centres, schools, etcetera, a few miles away from each neighbourhood to encourage walkability and decrease reliance on cars, therefore enhancing the healthy lifestyle for the residents. The landscaping of trees and plants provides shade to many playgrounds. Cycleways and picnic areas cover a large space of the masterplan. The community will attract both end users and investors depending on the unit typology.
Are buyers permitted to buy investment property for lease?
MG Of course. However, since we’re selling off plan, it’s not at this stage, obviously post-handover. Buying in ROSHN communities is a true investment for the resident and for the investor in future.
How would you characterize your developments? Mid-market?
MG We are targeting all the segments. We are keen to have diversified properties that would cater to all needs and different desires.
Is it part of the mission of the company to supply this market?
MG Yes. Now with our mandate, we’re contributing to a national target to enhance home ownership to 70 percent by 2030. Now it’s approximately 62 percent.
So we want to contribute to this target. And we think, many in the younger generation today are leasing apartments or small houses. They want their lifetime house to be in a community.
And since we’re selling off plan, they have time to pay in instalments, which makes it easier to buy.
We’re providing special home finance exclusively for ROSHN customers.
You have your own internal financing?
MG No. We’re collaborating with local banks which provide our customers with financial planning to ensure that the choices are suitable from a financial point of view and from a quality-of-life perspective. They advise our customers with their affordability and obligations to come. We have some of them present at our sales centre to process the home finance in the most convenient way based on special agreement between them and ROSHN.
Are these 15-year or 30-year loans?
MG Up to 30.
What down payment?
MG The banks require 10 percent down payment.
So a family can get into a house without a large cash outlay.
MG Yes. If a customer is a cash buyer, he/she will have to follow a payment plan to pay the instalments in an average of two years. If the customer is home finance buyer, he/she will have the exclusive home finance loan from the financial providers.
How far out are you looking with off plan sales?
MG Off-plan sales is a potential for capital appreciation. Customers buying off plan have the opportunity to benefit from any potential increase in property value during the construction period. Customers are paying their instalments based on construction milestones. And we keep our customers updated on construction progress.
Proudly, we have a strong track record of delivering ahead of schedule. In Saudi Arabia people have been hesitant to buy off plan products due to multiple risks but ROSHN has overcome this and people now have the confidence to buy.
Will ROSHN continue developing large community projects throughout Saudi Arabia?
MG ROSHN, as the most trustworthy master developer in the Kingdom, has the ambition to become well known globally. We have a mission to make long term investments in the future of cities across the Kingdom by developing great communities with best-in-class homes.
This by default will contribute to the Vision 2030 mandate to increase homeownership by 2030. In addition, I believe we will open into other segments such as commercial and mixed-use communities. As it is known, real estate is always attracting other sectors to follow.
Mashael Fahd Ghouth holds the position of Senior Director of Sales at ROSHN Group, fully owned by the Public Investment Fund. Fortified with an EMBA degree, she has developed extensive competencies across an array of sales roles, with a solid track record in multinational firms such as Jabal Omar, Damac Properties, Sobha Group, and Emaar, the Economic City.