Lagoon landscaping work kicks off
Manama, January 28, 2008
The landscaping work at The Lagoon, a $90 million-Bahrain real estate development project located at Amwaj Islands, has started.
This will signal Abu Dhabi Investment House's (ADIH) on-time delivery of one of its most significant portfolio projects.
The project has appointed Al Amin Gardens, a subsidiary of Ali Rashid Al Amin Company, to carry out the design and landscaping of the project.
Under the agreement, the task will be completed in less than two months, coinciding with the complete handover of all units in The Lagoon.
Demand for The Lagoon has been fuelled by its strategic location and internationally-recognised brands have taken up units and are currently undertaking fit-out works.
The master plan for project drew reference from other international destinations, which offer similar value propositions, including London's Covent Garden and Sydney's Cockle Bay Wharf.
The Lagoon is one of ADIH's anchor real estate projects in Bahrain. Progress on the firm's two other major developments, Sunset Hills and Porta Reef is rapidly underway, with notable success in advance sales.
ADIH's solid track record in the sector is further exemplified by the recent higher-than-expected returns on several of its funds, including the Porta Reef Fund, the Lagoon Fund and a partial exit from Al Arabi Fund.
"We are moving rapidly with the project's development and the landscaping contract with Al Amin Gardens is a significant stepping-stone towards completing the project. We are also enjoying progress in terms of unit handover to tenants, so overall, The Lagoon is well on schedule," said Lagoon chairman Saud Al Nusuf.
"Al Amin Gardens is proud to work with ADIH on this important project. We have committed to complete the task in 50 days, in line with the client's goal to deliver on a timely basis," added director Majid Ali Al Amin.-TradeArabia News Service