JEDDAH, 8 November 2007 — The first phase of Emaar Middle East’s Jeddah Gate — a SR6 billion ($1.6 billion) mixed-use master-planned community to spread over half a million sq m in Jeddah’s new downtown area — has recorded enormous sales response yesterday, indicating a growing demand for world-class residential projects in Jeddah.
In a statement, Alaa Abdullah Saed, chief executive officer, Emaar Middle East, said: “The phenomenal sales interest on the first batch of homes at Jeddah Gate is an indication of the trust that investors have in Emaar, which has a proven track-record in creating world-class neighborhoods. Jeddah Gate will be a new lifestyle experience for residents, and further strengthen investments to the Kingdom.”
“The central location of Jeddah Gate in the new downtown area of the city, and the extensive retail, leisure, recreational and cultural facilities being integrated in the neighborhood are key selling points of the project. We are bringing in international standards to the homes that are designed by a global team of engineers, architects and designers,” Saed added.
Jeddah Gate is positioned on two sites — the first is spread over 413,000 sq m and located along King Abdullah Street and the second is spread over 140,000 sq m along Abdullah Al-Suleiman Street in close proximity to the main Jeddah railway linking the holy cities of Makkah and Madina to Jeddah. The project will comprise 6,000 residential units, 230,000 sq m of commercial space and 75,000 sq m of gross leaseable area for retailers.
Amenities at the neighborhood include walkways, parks, swimming pools, fitness centers, children’s play areas, day care centers and recreational areas. A wide boulevard housing high-end retail outlets and restaurants is part of development plan. Residents can look forward to hi-speed Internet and telecom connectivity, advanced security systems, and 24-hour maintenance support.
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.