60pc Bahrain Bay plots sold
Manama, March 12, 2008
Bahrain Bay has successfully sold 60 per cent of its land parcels to international and regional developers and investors.
The announcement was made at the annual global real estate exhibition, Mipim, which opened in Cannes, France, on Tuesday.
Bahrain Bay's executive and marketing teams are attending the exhibition to market the $2.5 billion waterfront community to prospective developers and investors.
This year's exhibition is expected to attract more than 26,000 real estate professionals from around the world to conduct business and discuss latest industry trends.
Last year's Mipim saw more than 6,700 investors attending, more than 2,500 companies exhibiting and 83 countries represented.
"This news confirms that international and regional developers and investors are committed to our vision of creating a new waterfront community for the rapidly developing north shore of Manama, the vibrant hub of Bahrain's business district," said Bahrain Bay chief executive Bob Vincent.
"As the economy of Bahrain grows and diversifies a new community will be created that will offer a way of living and working designed for the 21st century."
Bahrain Bay offers a range of high quality development opportunities for developers and investors to participate in creating residential, commercial and retail offerings around its anchor developments.
The new corporate headquarters building for Arcapita, the leading international investment firm and the principal shareholder in the project, forms one of the three anchors to the project.
Bahrain Bay is also anchored by the kingdom's only Four Season's Hotel as well as CapitaLand's first GCC development, Raffles City Bahrain.
It has also attracted investment from leading local and regional firms such as Al Baraka Group, the Bahrain-based global Islamic bank, as well as Salhia Real Estate Company.
In addition, Guidance Financial Group, the international Sharia-compliant financial services group, has recently committed to developing a Sharia-based boutique hotel within Bahrain Bay.-TradeArabia News Service