Located in 2.6 million sq m lakefront gated residential community and covers about 250,000 sq m
242 elegant three- to six-bedroom private villas with private gardens
16 villa types in Arabic and Andalusian architectural styles
Two mosques and direct access to a 13,000 sq m lake
Sales at Al Khobar Lakes Sales Centre
Al Khobar, Saudi Arabia; May 11, 2008: Emaar Middle East (EME), a subsidiary of Emaar Properties PJSC focused on project development in the Middle East region, will launch the first residential village within Al Khobar Lakes on May 14, 2008.
Al Nada Village, with an area of 250,000 sq m, is the first of nine residential villages within the first phase which spreads over a total area of 2.6 million sq m. Al Nada Village features 242 elegant three- to six-bedroom villas with residents having direct access to a 13,000 sq m lake.
Customers can choose from 16 villa styles designed with Arabic and Andalusian architectural elements at the sale to be held at Al Khobar Lakes Sales Centre. The villas are due for completion in 2010.
Eng. Alaa Abdullah Saed, Chief Executive Officer, Emaar Middle East, said: "Al Khobar Lakes is one of the largest gated communities in the Kingdom of Saudi Arabia and sets new standards in residential developments. The focus of the project is to create a distinctive location ambience through lakes and water-bodies, which have been carefully designed following extensive studies to create an environmentally conscious neighbourhood, while adding to the quality of living by offering private villas and community amenities."
He added: "Al Nada Village, the first residential village in Al Khobar Lakes, will employ world-class standards in architectural design and construction. These homes have been tailored for Saudi families with private gardens, parks, and walk-ways. Emaar Middle East has paid close attention to details to ensure a different lifestyle experience."
The first phase of Al Khobar Lakes has a development value of SR4.6 billion (US$1.2 billion) and is all set to redefine the residential property sector of the Eastern Province with its focus on creating a gated neighbourhood with integrated amenities. Features include eleven mosques including a Grand Mosque for Friday Prayers, two schools, healthcare facilities, a shopping centre, a community centre that includes a recreation club, swimming pools, nursery/kindergarten, convenience retail, public area, and food & beverage outlets. The retail center sprawls over an area of 110,000 sq m, and will have convenience stores and fashion outlets for residents and visitors.
Al Khobar Lakes is located in close proximity to Al Khobar City, Dhahran and Dammam, and can be accessed conveniently from two highways, Dhahran-Beqaiq Highway and Abu Hadria Street which connects to Bahrain, Al Khobar, Dammam and Riyadh. Al Khobar Lakes is only 43 km from King Fahd International Airport.
Potential buyers can visit Al Khobar Lakes Sales Centre; sales will start on Wednesday, May 14 from 9am. For more details, log on to www.emaar.com or call toll free 800 12 36227.
Emaar Middle East, a joint venture between UAE-based Emaar Properties and Saudi-based real estate company Al Oula Development, has already launched Jeddah Gate, a SR6 billion (US$1.6 billion) mixed-use project spread over half a million sq m, which is under construction. The project opened to overwhelming investor response with the sale of the Abraj Al Hilal towers.
-Ends-
About Emaar Properties PJSC:
Emaar Properties PJSC is one of the world's largest real estate companies and is rapidly evolving to become a global provider of premier lifestyles. Powered by its Vision 2010 to become one of the most valuable companies in the world, Emaar is charting a new course of growth with a two-pronged strategy of geographical expansion and business segmentation.
Emaar has highlighted its remarkable global growth by debuting on the Financial Times Global 500 ranking, which provides an annual snapshot of the world's largest companies. Emaar has been assigned A- and A3 ratings with stable outlook by Standard & Poor's and Moody's Investor Services, respectively.
Replicating its successful business model in Dubai, Emaar is extending its expertise in creating master-planned communities to international markets. Emaar is also developing new competencies in malls, hospitality & leisure, education, healthcare and finance, which have evolved from its integrated approach to customer service and property development.
Listed on the Dubai Financial Market, part of the Dow Jones Arabia Titans Index and certified to ISO9001:2000 for quality standards, Emaar is developing Burj Dubai, the world's tallest building and free-standing structure, and The Dubai Mall, one of the world's largest shopping and entertainment destinations. In Saudi Arabia, Emaar is developing the US$ 26.6 billion King Abdullah Economic City, the region's largest private sector-led project. Emaar's portfolio currently covers the following countries: the UAE, Saudi Arabia, Jordan, Syria, Lebanon, Morocco, Egypt, Turkey, Libya, Algeria, India, Pakistan, Indonesia, the US, the UK, France and Canada.
An award-winning developer, Emaar has strengthened its product sale competencies, market reach and best practices through strategic acquisitions and joint ventures. Emaar acquired John Laing Homes, America's second largest privately held home builder; Hamptons International, UK's premier realtor; and formed a joint venture with US-based Turner International to strengthen execution capabilities.
Emaar has joined hands with Giorgio Armani and Accor Hotels to strengthen its presence in hospitality, and will launch ten luxury Armani Hotels & Resorts world-wide and 100 Formule 1 budget hotels in India. The company is opening educational institutions and healthcare centres in South Asia, Middle East and North Africa and the Subcontinent. Emaar acquired Singapore-based leading education provider, Raffles Campus, to extend expertise to its educational institutions.
Emaar holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking. Emaar is also the largest shareholder in Amlak Finance, UAE's leading Islamic home financing company. For more information, visit www.emaar.com.
For further information, please contact:
Bashar Kharbat / Saleh Al Hamamy
ASDA'A Public Relations
Jeddah, Saudi Arabia
Tel: (+966 2) 6575194/ 195/ 196
Fax: (+966 2) 6575277
E-mail: b.kharbat@asdaa.com
s.hamamy@asdaa.com
Kelly Home/ Nivine William
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide
in Middle East & North Africa
Dubai, UAE
Tel: (+971 4) 334 4550;
Fax: (+971 4) 334 4556
Email: n.william@asdaa.com, k.home@asdaa.com
© Press Release 2008
