A new BD37.8 million ($100 million) project is to come up within the Al Areen Development Project, it was announced.

The Sunset Hills project is to be promoted by the Abu Dhabi Investment House (ADIH) and the Kuwait-based Sorooh Investment Company.

A $53 million contract, to set up the infrastructure and undertake the main construction works at the landmark project, was also announced on the occasion.

The contract, awarded to Bahraini company Ahmed Mansour Al A'ali was signed by the ADIH chief executive Rashad Janahi and Ahmed Mansour chief executive Jalal Al A'ali.

Dheya Towfiqi Engineering Bureau is the project consultant and the project will be managed by Bonyan International.

The mixed-use venture will be home to a self-sustained community with a mix of residential and commercial facilities such as luxury villas, town houses, terraced apartments, and apartment blocks for shops and residences.

'Scheduled for completion in 2009, Sunset Hills is strategically located in the Al Areen Development Project and offers breathtaking sunset views to its residents,'  Janahi told a press conference.

'It will cover approximately 200,000sqm at Al Areen's southern gateway, and its built-up area is over 44,000sqm.'

He said once completed, it will be a distinguished location with unique components.

'It will include 300 residential units of villas, town houses, luxury apartments, multi-purpose buildings and a club house,' Janahi noted.

He said the announcement was significant because it immediately follows the signing of an agreement to develop the Porta Reef project within the Reef Island.

Sorooh Investment Company chief executive Mohammed Bugais said as strategic partners, they will work together to achieve best returns for investors. Al A'ali said Sunset Hills is the second project they are implementing at the ADIH, after The Lagoon.

'We are proud of this trust which demonstrates a real partnership for developing distinguished real estate projects in Bahrain,' he said.

Al A'ali said the company complies with the best quality standards and international specifications in all its work.

The ADIH is promoted by leading financial institutions, a group of prominent businessmen and investors from the Gulf region, mainly Abu Dhabi.

It focuses on the existing and emerging potential in private equity, corporate finance, real estate, asset management, investment placement, and has interests in managing initial public offerings (IPOs) and buying and selling domestic and international securities.

Al Areen Development is spread over an area of two million sqm near Al Areen Wildlife Park.

Major components of the development include the recently-opened Banyan Tree Desert Spa and Resort - Al Areen, the Lost Paradise of Dilmun Water Park that will be inaugurated in the coming summer, Hotel Al Areen, Al Waha Resort, Downtown Al Areen, Sarab Al Areen, Oryx Hills, and Sunset Hills among other residential villages and entertainment and recreational facilities.

Bonyan International chief executive Imad Nesnas and Dheya Towfiqi Engineering Bureau chief executive Dheya Towfiqi were also present. TradeArabia News Service