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
More Construction & Real Estate Stories
- Work to start on Bahrain beach project
- Damac launches luxury apartments at Expo site
- Kuwaitis top GCC property buyers in Oman
- Rubber World to showcase at Big 5 Saudi
- Tool to help create effective property listings
- 'Smart' move by Dubai Design District
- Drake unit wins $13m contract in India
- Solar-powered cleaning boats launched in Sharjah
- $27m Expo Hotel Sharjah deal signed
- Arabtec unit wins $282m Emaar contract
- Abu Dhabi to host pool & spa expo
- ADCM unit secures $213m bridging loan
- Cluttons Dubai launches new luxury apartments
- Dubai developer Damac profits triple to $641m
- Dubai to start work on $544m water canal
- Dubai property market can absorb 25,000 units
- Jones Lang LaSalle renamed 'JLL'
- Aldar raises synergy estimate from Sorouh merger
- UAE industrial property sector keeps up growth
- Dubai residential property prices up 26pc
- Majid Al Futtaim to build new mall in Dubai IMPZ
- 300 firms to take part in Dubai property forum
- Naseej inks deal to develop Bahrain projects
- Dadabhai unveils new residential project
- Flowcrete completes Dubai Mall project
- Global asphalt demand hits new high
- $1.3bn infrastructure investment firm set up in Saudi
- Manara sees big project villa success
- Global giants eye RAK utility projects
- Cayan partners with international artist Zsuzsanna