Downtown Al-Areen leasing begins
Manama, April 21, 2008
Aswaq Management & Services (AMS), the Abu Dhabi-based Emirati-French joint venture, has started leasing of Downtown Al-Areen, a mixed-use property development in Bahrain.
The leasing of the 46,000 sq m GLA (Gross Leasable Area) development would be done through Gulf Management & Services, AMS’ affiliate in Bahrain.
An announcement to this effect was made at the 2008 annual convention of Middle East Council of Shopping Centres (MECSC), which opened at the Dubai International Convention and Exhibition Centre today (April 21).
The project encompasses residential and serviced apartments, offices, hotels and outdoor shops. Gulf Holding Company is the developer of the project.
As per the terms of an exclusive contract awarded by Gulf Holding Company, AMS will handle the consultancy, sales, leasing and management services for the development, spread across a massive 600,000 sq m.
AMS is also under assignment to handle consultancy, leasing and management for various projects in the region. AMS and its regional affiliates in the GCC-Levant region -- AMS-Dubai, Gulf Management & Services in Bahrain, Beirut Real Estate Management & Services in Lebanon and Amman Real Estate & Management Services in Jordan manage 17 projects, covering a combined Gross Leasable and / or Sellable Area (GLA / GSA) of over 5 million sq m.
Commenting on the latest developments at AMS, Nasser Mohammed Al Nowais, chairman of AMS, said: “The property sector across the Middle East and North Africa region is booming and offers unmatched opportunities across the entire value chain from initial stage consulting services to the actual operations and facility management of residential and commercial properties. We are moving ahead with the confidence of achieving substantial success and establishing itself as a quality leader across the entire consultancy chain.”
AMS is also currently leasing The Walk mixed-use property development at Jumeirah Beach Residence in Dubai with shop-fittings in the final stages of completion. The soft opening is likely soon. Leasing is also complete for the Solidere shopping district project in the heart of Beirut. The handover and shop fittings process is currently under way. – TradeArabia News Service
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