Construction work has begun on the BD25 million ($66 million) Platinum Tower in the Seef area and the project is expected to be completed in 24 months.

Pearl Development and Real Estate Company (PDREC), a consortium of investors from Bahrain, Saudi Arabia and other GCC nations, who were behind the Abraj Al Lulu, the BD95 million freehold residential development property, are building the tower.

"Bahrain is emerging as an attractive business destination and is rapidly building on its strength as the financial hub of the Middle East," PDREC chairman Mohammed Dadabhai.

"A vibrant business climate will require quality commercial space for those seeking to capitalise on the business opportunities available, and Platinum Tower is being developed and has begun construction with this goal in mind," Dadabhai said.

The project has been designed to offer a first-class business environment and is ideal for those who seek convenience, quality and luxury in the range of amenities and services provided, he noted.

It has immense investment potential because of its location in the exclusive Seef area, and easy accessibility to Manama's commercial business district makes it an ideal base for conducting business in Bahrain.

"Even prior to the pre-launch, we have sold 25 per cent of the property, and an additional 25 per cent has already been booked by potential customers," said Pegasus Real Estate, exclusive sales agents for the project, managing director Hatim Dadabhai.-TradeArabia News Service