Emaar Properties Reports Strong Middle East Buyer Response to New Villa Sales in Al Khobar Lakes Project

Residential News » Residential Real Estate Edition | By Michael Gerrity | July 27, 2009 12:33 PM ET

(News Source: Emaar Properties)

(JEDDAH, SAUDI ARABIA) -- Following the successful launches of the first two residential villages - Al Nada and Al Ghadeer - in Al Khobar Lakes, Emaar Middle East recently launched the sale of a limited collection of new villas of sizes ranging from 275 - 501 sq m, which are offered at prices starting from SR 1.228 million. These newly released units have recorded strong home buyer and investor response with 50 per cent of the 1st phase units being sold out within the first week of sales launch.
The new villas were promoted at the recent Cityscape Saudi Arabia, where Emaar Middle East pavilion attracted more than 3,000 visitors. Several dignitaries including Mayor Adel Faqieh and prominent business icons toured the stand, which showcased diverse Emaar Middle East projects including Al Khobar Lakes, Jeddah Gate and Emaar Residences at the Fairmont Makkah. The participation further catalysed sale events of the new homes held in Khobar and Riyadh.

Engineer Alaa Abdullah Saed, Chief Executive Officer, Emaar Middle East, said: "The strong response to homes at Al Khobar Lakes underscores the demand for modern residences in Saudi Arabia. This was highlighted at Cityscape Saudi Arabia, which generated substantial interest for Emaar Middle East's projects in the Kingdom."

He added: "We plan to launch the second phase of homes at Al Khobar Lakes later this year to meet the growing demand for homes in the Eastern Province. Simultaneously, we are progressing on the construction of the first Village with several leading Saudi contractors undertaking the work and will shortly award contracts for the second Village as well."

Al Ghadeer is located over an area of 217,910 sq meters with the villas set in plot sizes starting at 390 sq m. The Village has 14,800 sq m of water bodies, with over 8,500 sq m of greenery and open spaces.

The new villas in Al Khobar Lakes are being showcased for sale at the Al Khobar Lakes Sales Centre, Jeddah Gate Sales Center, and at the Riyadh office on King Fahad Road.

The largest of its kind residential community developed by Emaar Middle East in the Eastern Province, Al Khobar Lakes features over 2,000 private villas with a rich array of amenities including mosques, educational complexes, a shopping centre, a community centre, coffee shops & restaurants, healthcare facilities and other amenities.

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