Prime Highlights:
- SmartOasis has opened seven refurbished apartment complexes in central Riyadh, marking its official entry into the Saudi market.
- The project focuses on sustainability and urban renewal, renovating existing buildings instead of demolishing them, in line with Vision 2030’s Quality of Life Program.
Key Facts:
- The first phase includes 300 fully furnished long-term rental units across seven buildings, covering about 28,000 square meters.
- SmartOasis plans to expand further in real estate and hospitality, creating around 1,000 jobs and supporting local talent development.
Background:
SmartOasis, a China-based real estate and long-term rental group, has completed the first phase of its apartment development projects in central Riyadh, marking the company’s official entry into the Saudi market. Seven refurbished residential complexes are now open to residents, as part of a broader SR1 billion ($266.6 million) investment plan in Riyadh’s housing sector over the next three years. The initial phase alone involved an investment of SR50 million.
The projects help provide more housing in Riyadh for young people, professionals, and expatriates. SmartOasis renovates old buildings to make them safer and more eco-friendly. This also helps reduce construction-related carbon emissions.
Chao Xu, CEO of SmartOasis, said the project uses precise engineering and efficient building methods, including standard components and smart planning. He said all materials and construction meet international standards to keep the buildings sustainable and safe for residents.
The first phase has 300 fully furnished long-term rental units in seven buildings, covering about 28,000 square meters. The project also improves public areas, parking, and safety, and adds plants to make neighborhoods nicer and cleaner.
Mohammed Al-Jamhour, a SmartOasis business partner, said the project combines Chinese technical skills with local expertise to match Riyadh’s urban planning and culture. He emphasized that the goal is not just construction but creating a living environment suited to modern city life.
SmartOasis plans to expand in real estate and hospitality, creating around 1,000 jobs and helping develop local talent in property management and related areas.
