Emaar launches multi-billion Al Khobar Lakes
Al Khobar, May 7, 2008
Emaar Middle East (EME), a subsidiary of Emaar Properties focused on project development in the Middle East region, has rolled out the multi-billion dollar Al Khobar Lakes development in Saudi Arabia with the launch of the first lakefront gated residential community.
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.
The project’s first phase covers 2.6 million sq m and features 80,000 sq m of lakes.
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 ($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, said a statement.
“Al Khobar Lakes is one of the premier and major lakefront developments in Saudi Arabia,” said 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 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 ($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, the statement said. – TradeArabia News Service