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Al Ghanim and Alsayed at the signing.

Dilmunia island plot sold for $23.6m

MANAMA, May 21, 2015

Ithmaar Development Company announced today the sale of a strategic plot on the Dilmunia island in Bahrain to Kuwaiti developer and hospitality investor Kuwait Resort Company, an affiliate of Al Tijaria, the Commercial Real Estate Company.

The deal has a sale value of BD8.84 million ($23.6 million).

The preliminary agreement was signed on the final day of the Gulf Property Show, held recently in Bahrain, by Mohammed Khalil Alsayed, chairman of project owners Health Island, and Ibrahim Al Ghanim, deputy chairman and CEO of Kuwait Resort Company and board and executive committee member of Al Tijaria.  

The seafront property will be developed to offer waterfront villas, city villas and a range of luxury apartments overlooking the Dilmunia Canal waterfalls. The development is set to include more than 300 residential offerings set in lush landscaped surroundings.   

The new development is the latest to join the Dilmunia family, alongside the sold out Temara and Seavilla projects developed by Ithmaar Development Company (IDC), The Treasures project by Bin Faqeeh Real Estate Investment Company and the Essence of Dilmunia by Cooperation Investment House.

“The uniqueness of our conceptual identity and our delivery of progress continues to attract residents and in turn developers to Dilmunia.  We are pleased to welcome the Kuwait Resort Company, and Al Tijaria Commercial Real Estate Co to Dilmunia” said Alsayed. “We’re confident  that this new partnership will be a worthy addition to Dilmunia,” he added.

The $1.6-billion Dilmunia at Bahrain development is a mixed-use project built on a man-made island off the coast of Muharraq. With a unique health and wellness anchor, Dilmunia will include residences, hotels, and leisure and shopping districts anchored around a health and wellness cluster.

“Bahrain’s property market is now on a growth track, as reflected by the evident demand for properties in established master-planned neighborhoods such as Dilmunia,” said  Al Ghanim. “What attracted us most to Dilmunia is its planned and quality driven social infrastructure, which creates long term value to developers and residents alike.”
 
“Our apartments, which will have sea and canal waterfall views, are going to be specifically designed to capitalise on these idyllic surroundings, while our villas will offer some of the best waterfront living anywhere in Bahrain,” said Al Ghanim. “We’re expecting to commence full designs within weeks and expect construction to commence within 2016.”

The ambitious 125-hectare man-made Dilmunia island is a project of master developer IDC, which is a wholly-owned subsidiary of Ithmaar Bank, a Bahrain-based Islamic retail bank traded on both the Bahrain Bourse and the Kuwait Stock Exchange. Ithmaar is also the Dilmunia investment manager.

Dilmunia is located close to the Bahrain International Airport, with easy access to Saudi Arabia via the King Fahad Causeway. - TradeArabia News Service




Tags: Bahrain | Kuwait | Ithmaar |

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