Offers opportunity for third-party developers to be part of the mega-project
Total area of 250,000 sq m for real estate investments
Benefit from advanced infrastructure including Smart City and District Cooling
Bay La Sun is first fully integrated community in KAEC
Jeddah, Saudi Arabia; February 28, 2009: Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has launched the sale of land plots in a total area of 250,000 sq m in the Bay La Sun Village of the mega-project. Third-party developers can enjoy full ownership of land for undertaking residential, commercial and multi-purpose buildings, and also benefit from KAEC's advanced infrastructure including the Smart City capabilities and District Cooling.
The plots are located strategically in the Bay La Sun Village, the first fully-integrated residential community in KAEC, and overlook the waterfront. They are also in close proximity to the Business Park and other amenities including a world-class hotel, shopping mall and restaurants. Work on the Business Park is nearing completion, and work on other amenities within KAEC is progressing as per schedule.
Mr Fahd Abdul Mohsen Al Rasheed, Board Member and Chief Executive Officer, Emaar.E.C, said: "KAEC has established itself as a premier development in the region offering high-growth opportunities in several key economic sectors. By offering land plots for sale to third-party developers, we are extending the opportunity for investors to become an integral part of this path-breaking project, which is envisaged to usher in a new era of socio-economic prosperity for the Kingdom."
Mr Sami AlHalabi, Acting Executive Director - Commercial, Emaar.E.C: "Demand for strategic plots for development is currently strong in Saudi Arabia, and several regional developers are looking at developmental opportunities in the Kingdom. The premium location of the plots within Bay La Sun Village ensures that investors are part of a vibrant community, which is currently being developed with the first homes and offices to be delivered later this year."
The superior infrastructure support offered to buyers of the plots include ready water, power and sewage networks linked to the plots, roads and navigable canals, elegant common area landscaping, the information and communication technology (ICT) capabilities offered by Ethraa, The Smart City and a secure environment.
Third-party developers only have to follow certain design guidelines that are associated with the overall masterplan of KAEC, and will have a specified period to start construction work. "These are to ensure that the plots are fully integrated into the overall development dynamic of KAEC, and also to maintain the high standards that are followed in project development," explained Mr AlHalabi.
The plots are projected to offer high returns on investment, as they are part of the fast-growing project, which has already achieved tremendous international inward investments.
Potential investors can contact the KAEC Sales Centers in Jeddah and Riyadh or call toll free 8001180010.
KAEC has six key components: The Sea Port, Central Business District, Industrial Zone, Educational Zone, Resort District and Residential Communities. The first phase of the project has been launched to overwhelming investor response.
-Ends-
About Emaar, The Economic City:
Emaar, The Economic City (Emaar.E.C), established in September 2006, is a Saudi joint stock company managed by Emaar Properties PJSC, one of the world's largest property developers, and a number of high profile investors from Saudi Arabia.
Emaar.E.C leads the master-planning and development of the 168 million sq m King Abdullah Economic City (KAEC), a project being built on a pristine location off the Red Sea in the north of Jeddah. SAGIA (Saudi Arabian General Investment Authority), the body responsible for inward investments into the Kingdom, is the prime facilitator for KAEC.
KAEC, a New Age City being built today for tomorrow's generation of Saudi citizens, has six components - the Sea Port, Industrial Zone, Central Business District, Educational Zone, Resort Zone and Residential Communities.
The mega-project works closely with the Kingdom's on-going drive to expand the economy, create employment opportunities for its youthful population and function as a catalyst to attract foreign investment, global trade, commerce and industry. Based on initial forecasts, the project and its several components will create up to one million employment opportunities in the various industries and service-oriented companies that will open in KAEC. It will also be home to 2 million residents.
For more information, please contact:
Bashar Kharbat / Saleh Alhamamy
ASDA'A Burson-Marsteller
Jeddah, Saudi Arabia
Tel: (+966 2) 6575194/ 195/ 196
Email: b.kharbat@asdaa.com, S.hamamy@asdaa.com
Nivine William / Kelly Home
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: (+971 4) 3344550
Email: k.home@asdaa.com, n.william@asdaa.com
© Press Release 2009
