Manara unveils $1bn project masterplan
Manama, June 28, 2009
Manara Developments, the real estate company owned by Al Salam Bank Bahrain and strategic investors from acrosss GCC, has finalised the masterplan for the $1bn Bahrain water front project.
With the completion of the site’s masterplan design, Bahrain’s most inspiring and affluential waterfront address, to be known as Nurana, is a step closer to reality, said a top company official.
'Nurana reflects a considered contribution to the social and economic objectives of the Bahrain 2030 Vision,' remarked Dr Hasan Al-Bastaki, Manara managing director.
The mega mixed use project, spanning 2 million sq m of waterfront land overlooking the majestic Bahrain Fort and within moments of the exclusive Seef area, comprises a vibrant mix of coastal villas, waterview apartments, exciting retail, entertainment, tourism and office amenity.
“The project represents a world-class business, lifestyle and tourism destination that when complete will create hundreds of jobs and contribute greatly to the local economy,” said Dr Al-Bastaki.
“We are proud to be undertaking a development of this magnitude in Bahrain and are confident it will enhance the already strong business and lifestyle reputation that the Kingdom is enjoying among international markets,” he added.
Manara Developments, he said, has established a project vision which is set to create a totally integrated master planned island community that will generate local economic development, set new benchmarks for sustainable growth, strengthen tourism and create significant new recreational and lifestyle opportunities.
Standing at a value in excess of $1 billion the development offers a combination of residential, commercial, and mixed use real estate products with a high emphasis on community spaces including waterways, pedestrian promenades, mosques, richly landscaped parks and urban meeting areas among others.
The master plan, leveraging the proximity to the water front offers a marina that is envisaged to be a focal festive area, culinary and social destination.
This is complemented by the creation of office and retail parks, which provide excellent working opportunities for the population. Reclamation works for the currently submerged site are estimated at a cost of BD28 million ($74 million).-TradeArabia News Service