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Alargan Projects Company and Korea’s GS REDC have launched Oasis Residence, marking the Kingdom’s first Saudi-Korean residential development and establishing a new benchmark for international collaboration in the region’s evolving housing sector.
Project Details and Market Position
The development comprises 182 modern semi-furnished apartments located on Al-Thumamah Road in north Riyadh, with unit prices starting from SR787,000. The project features contemporary urban design concepts with expansive green areas and comprehensive amenities including a fitness center, residents’ lounge, children’s play area, café, private basement parking, and community facilities. Construction quality receives particular emphasis through structural warranties extending up to 10 years, reflecting long-term commitments to durability and sustainability.
Phase II construction has already commenced, adding 248 additional residential units to bring the total development to 430 units. The expansion responds to growing demand for high-quality apartment living in northern Riyadh while maintaining the same development philosophy established in the initial phase.
Strategic Partnership Framework
Alargan Projects Company CEO Eng. Eyad Albunyan described the launch as a key milestone in the company’s journey, emphasizing how the partnership incorporates international residential development expertise tailored specifically to the Saudi market. The collaboration combines Alargan’s local market knowledge with GS REDC’s international experience, creating what executives characterize as a new model for residential development in the Kingdom.
GS REDC, the real estate development arm of GS Engineering & Construction with over 50 years of Korean residential development experience, brings refined Korean residential design and lifestyle concepts to Riyadh. General Manager Woongjo Choi identified Saudi Arabia as one of the company’s key strategic international markets, noting the partnership aims to transfer integrated community concepts and “all-in-one” models to support the Kingdom’s long-term housing objectives.
Expanding Development Pipeline
Beyond Oasis Residence, GS REDC participates in a major National Housing Company-led residential development comprising approximately 2,500 apartment units. This involvement reflects growing confidence in the company as a partner across both private and government-led housing initiatives, demonstrating the expanding role of international collaboration in Saudi Arabia’s residential sector.
Market Implications
The project represents a significant shift in Saudi Arabia’s housing development approach, introducing international standards and design concepts while maintaining alignment with local market needs. The 10-year structural warranty period and emphasis on sustainability standards indicate evolving quality expectations in the Kingdom’s residential market, supporting broader economic diversification objectives under Vision 2030.
Sources: Saudi Gazette
