The developer of the $1.6-billion Dilmunia at Bahrain project has sold a strategic plot for BD8.84 million ($23.44 million) at the Gulf Property Show held last week in Bahrain.

A deal for the seafront plot of land on a man-made island off the coast of Muharraq was signed yesterday (May 14) between project owners Ithmaar Development Company's (IDC) chairman Mohammed Khalil Alsayed and Kuwait Resort Company deputy chairman and chief executive Ibrahim Al Ghanim, said a report in the Gulf Daily News (GDN), our sister publication.

Kuwait Resort Company is an affiliate of Kuwait's Commercial Real Estate Company (Al Tijaria), of which Al Ghanim is a board and executive committee member.

Al Tijaria plans to develop more than 300 homes on the plot including waterfront villas, city villas and a range of luxury apartments overlooking the Dilmunia Canal waterfalls.

“Bahrain's property market is now on a growth track, as reflected by the evident demand for properties in established master-planned neighbourhoods such as Dilmunia,” said Al Ghanim.

“What attracted us most to Dilmunia is its planned and quality-driven social infrastructure, which creates long-term value to developers and residents alike.

“Our apartments, which will have sea and canal waterfall views, are going to be specifically designed to capitalise on these idyllic surroundings, while our villas will offer some of the best waterfront living anywhere in Bahrain.”

The company expects to commence full designs within weeks and construction to start next year.

Alsayed said the project is the latest to join the Dilmunia family, alongside the sold out Temara and Seavilla projects by IDC, The Treasures project by Bin Faqeeh Real Estate Investment Company and the Essence of Dilmunia by Co-operation Investment House.

“The uniqueness of our conceptual identity and our delivery of progress continues to attract residents and in turn developers to Dilmunia,” he added.

The 125-hectare man-made Dilmunia island will include residences, hotels, and leisure and shopping districts anchored around a health and wellness cluster.

It is a project of IDC, which in turn is a wholly-owned subsidiary of Bahrain-based Islamic retail bank Ithmaar Bank, traded on both the Bahrain Bourse and the Kuwait Stock Exchange. The bank is also the investment manager for Dilmunia.

The name Dilmunia is inspired by Bahrain's ancient civilisation of Dilmun, which is believed to have been the inspiration for the mythical Garden of Eden, a statement said. - TradeArabia News Service