Total area of 4.3 million sq m to be developed in phases
First phase covers 2.6 million sq m and features 80,000 sq m of lakes
More than 2,000 villas in 9 villages, 11 mosques in amenity-rich neighbourhoods
Community centre, shopping centre and schools, among amenities
Khobar, Saudi Arabia, May 07, 2008: Emaar Middle East (EME), a subsidiary of Emaar Properties PJSC focused on project development in the Middle East region, has rolled out the multi-billion dollar Al Khobar Lakes development with the launch of the first lakefront gated residential community, set amidst 80,000 sq m of serene water-bodies, within the mega project. Spanning over a total area of 4.3 million sq m to be developed in phases, Al Khobar Lakes features villas in a variety of elegant Arabic and Andalusian architectural styles.
Located in close proximity to Al Khobar City, Dhahran and Dammam, Al Khobar Lakes can be accessed conveniently from two highways, Dhahran-Beqaiq Highway and Abu Haidar Street which connects to Bahrain, Al Khobar, Dammam and Riyadh. Al Khobar Lakes is only 43 km from King Fahd International Airport.
The Eastern Province Municipality has recently approved the masterplan of the first phase, which alone has a development value of SR4.6 billion (US$1.2 billion) and features more than 2,000 private villas in a series of nine villages with retail and leisure amenities that are perfect for family living. With a total area of 2.6 million sq m, the first phase will have 11 mosques including a Grand Mosque for Friday Prayers, educational complexes spanning over 28,000 sq m, a shopping centre, community centre, coffee shops & restaurants, healthcare facilities and other amenities.
"Al Khobar Lakes is one of the premier and major lakefront developments in Saudi Arabia," said Mr Alaa Abdullah Saed, Chief Executive Officer, Emaar Middle East. "Through the project, Emaar Middle East emphasizes on providing total privacy to residents while offering the luxury of large open spaces aesthetically built around placid lakes."
One of the largest gated communities in the Eastern Province, Al Khobar Lakes offers stylish detached and semi-detached villas designed to offer luxury accommodation for a range of tenant profiles. The three- to six-bedroom villas are built on plots that vary in sizes, and are perfectly suited for Saudi and GCC families. Each village in the first phase will have its own parks and other leisure amenities that add to the quality of living. The villas feature warm, natural stone colours and inspired by subtle, earthly tones.
The community centre will be a focal point for social interaction and will feature a recreation club, swimming pools, nursery/kindergarten, convenience retail, public area, and food & beverage outlets. The retail centre is located on an area of 110,000 sqm and will be an upscale shopping and leisure destination offering general merchandise, convenience stores and fashion outlets for residents and visitors as well.
"Al Khobar Lakes fills the need for single family villas that are much sought after by the upwardly mobile Saudis who want a suburban lifestyle with all modern amenities," said Mr Saed. "This also marks a subtle shift in homeowner preferences in Saudi Arabia and the GCC."
EME has already launched Jeddah Gate, the SR6 billion (US$1.6 billion) mixed-use project spread over half a million sq m. Emaar's expansion to Saudi Arabia is in line with its Vision 2010 to become one of the most valuable companies through geographic expansion and business segmentation.
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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 AlHamamy
ASDA'A Public Relations
Jeddah, Saudi Arabia
Tel: (+966 2) 6575194/ 195/ 196
E-mail: b.kharbat@asdaa.com
s.hamamy@asdaa.com
Nivine William / Kelly Home
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide
in Middle East & North Africa
Dubai, UAE
Tel: (+971 4) 334 4550
Email: n.william@asdaa.com, k.home@asdaa.com
© Press Release 2008
