Real estate projects worth $132m planned in Bahrain
Manama, May 9, 2013
High-end residential and commercial real estate projects amounting to more than BD50 million ($132 million) are in the pipeline in Bahrain, a report said.
Exhibitors at the three-day Gulf Property Show (GPS) said the new developments - some of which are already underway - had drawn keen interest from prospective home buyers, investors and brokerage firms, according to the report in the Gulf Daily News, our sister publication.
Leading the development stakes is Bin Faqeeh Real Estate Investment Company, whose chairman Faisal Faqeeh said the company had two projects ongoing and two others that will be launched in the next few months.
This is in addition to three projects that are ready for handover.
Among the ongoing projects is The Breaker, a 35-storey tower featuring one and two-bedroom apartments.
Being built at a cost of BD12 million, the project is coming up near Bahrain City Centre and is expected to be ready by December next year. "Nearly 35 per cent of the apartments have already been sold," said Faqeeh.
The Business Bay offices tower, which will have 80 units, is another of the company's major projects underway.
Work started last December and completion is expected in April next year.
About 30 per cent of the units have already been sold, said Faqeeh. The first of the company's upcoming projects is The Grand, featuring 200 apartments targeting the premium market.
It is due to be launched in July this year and is expected to cost BD15 million.
Sky Villa is another u per centoming high-end residential project, featuring only penthouses. The cost is pegged at BD7 million.
"We will hopefully launch it next month," said Faqeeh.
Both projects are located near Bahrain City Centre. The company says it was driven to launch the new projects in response to rising demand for premium housing, particularly from Saudis.
"The market is at least 50 per cent better than last year... We are very upbeat about our projects," said Faqeeh.
"As many as 65 per cent of the buyers of our projects are Saudi nationals. A clear sign of the improved sentiment was when we were able to sell 154 units in our Reef Island projects within six months.
"Most of our projects are coming up around Bahrain City Centre and are available for sale to all nationalities on a freehold basis."
A new souq complex, being built at an investment of BD1.6 million, has also attracted a lot of interest from Bahrainis looking for medium-sized shopping spaces, according to the Delmon Gate company.
Financial management consultant Mohammed Shaban said the complex, coming up off Budaiya highway, will be a two-storey mall featuring a blend of tradition and modern architecture.
From the outside it will look like a souq, but will feature modern amenities.
"The complex will host 80 shops, which we have kept small sized to make them affordable for as many people as possible," said Shaban. "We think it will be a great place for shopping and entertainment and will attract families. The project should be completed by September next year."
The Bahrain Financial Harbour (BFH) has also reportedly attracted interest from visitors to the show, which concludes at the Bahrain International Exhibition and Convention Centre in Sanabis today.
"The Gulf Property Show is an opportunity for the BFH to show visitors to the exhibition that, although iconic landmarks on Bahrain's city skyline, the East and West Commercial Towers of the BFH are only a glimmer into what lies within the city," said BFH managing director Dr Omar Al Mardi. – TradeArabia News Service