Cheval Collection says Saudi real estate market resilient but lacks residential towers

Daniel Johansson, Head of Development and Acquisitions at Cheval Collection Co.

The Saudi real estate market is resilient but lacks luxury residential towers, said Daniel Johansson, Director of Development and Acquisitions at Cheval Collection Co., adding that there is a strong commercial business plan for the Cheval Ladun Living residential project.

The Saudi market's shortage of residential towers is evident in the fact that hotels in Riyadh are fully booked on event and conference days, according to Johansson, who spoke with Argaam on the sidelines of the Future Hospitality Summit.

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Johansson also stated that the average daily wages in Riyadh are considered very good, highlighting that the Saudi market has huge potential in Riyadh, Jeddah, and many other cities, where Cheval Collection seeks to expand further.

He went on to say that Cheval Ladun Living, which includes about 130 hotel apartment units, is expected to be inaugurated in 2027.

On April 30, Ladun Investment Co. signed a contract with Cheval Collection for managing and operating Cheval Ladun Living, a luxury hotel apartment tower on King Fahd Road in Riyadh. The tower will house 130 hotel apartment units with recreational and sports services, according to data available to Argaam.