Al Khobar Lakes project by Emaar Middle East
Emaar Middle East, a subsidiary of global property developer Emaar Properties, is underscoring its commitment to the housing sector and the overall social and economic prosperity of the Kingdom through its showcase of value-added lifestyle developments at Cityscape Jeddah.
The premier property exhibition is being held at the Jeddah Centre for Forums & Events from June 11 to 13, where Emaar Middle East will highlight the rapid progress achieved on its two master-planned communities, Jeddah Gate and Al Khobar Lakes, and the unique Emaar Residences at the Fairmont Makkah.
Eng. Ahmad Al Kulli, General Manager of Emaar Middle East, said: “Saudi Arabia is witnessing a new era in the property sector, following the recent announcement by the Custodian of the Two Holy Mosques King Abdullah Bin Abdul Aziz Al Saud to further strengthen the Kingdom’s housing infrastructure. Through focused investments, the property sector can contribute to meeting the growing requirements of quality housing in the Kingdom.”
He added: “Jeddah Gate and Al Khobar Lakes are integrated communities featuring homes, offices, retail, leisure and hospitality components that create several hundred new jobs for Saudi nationals, and also catalyse the growth of ancillary industries. Both the projects are currently progressing at a swift pace with the first homes to be handed over shortly, underscoring our commitment to project delivery.”
Eng. Al Kulli is also addressing the Jeddah Real Estate Summit, being held on the sidelines of Cityscape Jeddah, where he will provide an overview of Emaar Middle East’s development approach and the Saudi market outlook. Akram Omar, Development Director of Emaar Middle East, will address a second panel discussing land value challenges from a developer’s perspective with a focus on understanding current trends in land prices.
Recently honoured with the ‘Leader in Real Estate’ award at the Arab Investment Summit 2011, Emaar Middle East has achieved considerable progress on its projects in the Kingdom. All the three key projects of Emaar Middle East – Jeddah Gate, Al Khobar Lakes and Emaar Residences at the Fairmont Makkah - have won good customer response.
Jeddah Gate is a mixed-use project spread over approximately half a million sq m in Jeddah's new downtown. The SR2.9 billion project will serve as a centrepoint for the city's new downtown. Jeddah Gate is in close proximity to the main railroad linking the two Holy Cities of Makkah and Madina to Jeddah.
Emaar Middle East had launched the Abraj Al Hilal residential towers in Jeddah Gate to strong customer and investor response. Structural work of the three towers and the podium has been completed and MEP work is progressing. Flooring and interior work is also nearing completion and the painting job of the apartments, soon to be handed over, is fast progressing. The landscaping and other décor elements are also in the completion stage. The Abraj Al Hilal towers will also have retail precincts in each cluster, which are also expected to be operational shortly in line with retail demand and leasing.
Jeddah Gate, when completed will have over 100,000 sq m of spacious office spaces and over 30,000 sq m of gross leasable retail space, thus strengthening the local economy. There are also two educational complexes for both boys and girls, mosques, outdoor plazas, gardens, interactive waterscapes, and an array of facilities including swimming pools, fitness centers, children’s play areas, day care centers and recreational areas. All homes are smart units with latest communication technologies.
Al Khobar Lakes is a luxury lakefront development set on approximately 4.3 million sq m featuring serene water bodies. With a development value of SR4.5 billion, it features more than 2,000 private villas with retail and leisure amenities that are perfect for family living. In close proximity to Al Khobar City, Dhahran and Dammam, Al Khobar Lakes is one of the premier lakefront developments and the largest integrated community in the Kingdom of Saudi Arabia.
Having successfully launched the Al Nada and Al Ghadeer Villages, Al Khobar Lakes will eventually feature a large retail centre with a gross leasable area of 95,000 sq m; 104,000 sq m of landscaping, greenery and parks; 11 mosques including a Grand Mosque for Friday Prayers; two educational complexes for both boys and girls; a shopping centre, two community centres, healthcare facilities and other amenities. All homes are equipped with the latest communication technologies and the infrastructure network includes a main electrical substation.
In preparation for the imminent handover of the first homes in the Al Nada residential village of Al Khobar Lakes, painting, plastering and wood finishing works have been completed. Work on the lakes, a spectacular feature of the project, is also in advanced stages. Other landscaping activities are also progressing rapidly.
Emaar Residences at the Fairmont Makkah has also generated good response led by its prominent location on the Haram Plaza offering views of the Holy Kaaba and Haram. The 648 elegantly furnished and superbly serviced apartments are situated at the most upper floors of Makkah Clock Tower starting from the 30th floor and ending at the 53, and operated by Fairmont Hotels. The serviced residences are offered on a 25 years leasehold basis with the tower to feature a shopping mall, prayer hall, multi-purpose hall, ballroom, business center, health club, restaurants and cafes, adding to the convenience of residents.
Cityscape Jeddah 2011 is a much-awaited industry event that will bring together all stakeholders in the sector including developers, architects, designers and investors.