, Saudi Arabia
- September 11, 2007:
Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has recorded overwhelming investor response to the first residential community, Bay La Sun Village, which was launched on Saturday. The entire lot of apartments released for sale were sold out signalling investor confidence in KAEC, the single largest private sector-led development in the region.
At a press conference held at KAEC Sales Centre yesterday, Dr Abdulraouf Mannaa, Managing Director, Emaar.E.C said the launch of new residential units has been brought forward to meet the customer demand.
“The overwhelming response from customers to Bay La Sun Village at KAEC is an indication of the investor trust in Emaar.E.C’s flagship project,” said Dr Mannaa. “As an integrated, mixed-use project that will power the economy of Saudi Arabia, KAEC offers strong investment potential – a fact highlighted by the investor response to our first residential community.”
Bay La Sun Village is the first complete residential community within KAEC. Mr Nidal Jamjoom, Executive Director for Commercial Development, Emaar.E.C, unveiled a full brief to the media and presented the benefits that Bay La Sun offers its residents: “Bay La Sun Village will appeal to those who prefer the luxury of living by the Red Sea in close proximity to a range of amenities,” he explained.
He added: “The village will include residential towers, schools, a central shopping centre, mosques, banks and gas stations, clinics and office buildings. The name Bay La Sun has been derived from the name of a tree that is regarded as a source of inspiration for many Islamic and western scholars.”
Emaar.E.C has engaged a team of internationally renowned architects and consultants to design Bay La Sun with the brief to maximise sea views for all residents. The apartments will blend the elegance of traditional architecture with the convenience of modern fittings and finishes. All homes will feature advanced telecom systems and will be environmentally friendly to encourage energy saving. Residents can also customise their needs through an array of smart home technologies. Bay La Sun Village will also have several wide and elegant sidewalks and safe beaches for residents to enjoy a healthy lifestyle.
The first residential units will be handed over by end of 2008. Potential investors can visit the Sales Centre inside KAEC and the Sales Centre in Riyadh on King Fahad Road, call the toll free number 8001180010 or visit www.baylasun.com for more details on the project. The website also includes a virtual tour of the different choices of apartments at Bay La Sun Village.
KAEC will usher a new economic era for Saudi Arabia by encouraging and priming diverse industries, creating employment opportunities and providing a unique living environment.
KAEC has six key components: the Sea Port, Industrial Zone, Central Business District (including the Financial District), Resort District, Educational Zone and Residential Communities. Work is progressing according to schedule on the various zones. The first phase of the Industrial Zone had earlier been launched to strong investor response.