EmaarEC launches sale of Bay La Sun plots
Jeddah, March 2, 2009
Emaar, The Economic City (Emaar.E.C), the company developing King Abdullah Economic City (KAEC), has launched the sale of plots in the Bay La Sun Village of the project.
The total area to be sold will be 250,000 sq m, the company said in a statement.
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 company said in a statement.
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.
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,' he added.
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,' Al Halabi observed.
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 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.
KAEC has six key components: The Sea Port, Central Business District, Industrial Zone, Educational Zone, Resort District and Residential Communities.-TradeArabia News Service