Seef Properties, a leading integrated development company in Bahrain, has launched a new unit Lama Real Estate to develop a mixed-use project worth BD40 million ($105 million) in the Hamala region of the kingdom, said a report.

The main aim behind this unique project is to create a mixed-used development that can be positioned as a new shopping and leisure destination providing unparalleled services for residents and visitors, reported the BNA, citing Seef Properties chief executive Ahmed Yusuf.

Work on the project will start in the second quarter of 2017 and is likely to be completed by the end of 2018.

"We are optimistic that this project will be an added-value to the Kingdom’s robust real estate sector and further support the Kingdom’s vision of attracting investment. The Hamala project, once completed, will be a new integrated destination attracting residents and tourists," said Yusuf.

Seef Properties chairman Essa Najibi said this significant project comes as part of Seef Properties’ new investment strategy.

"The core value of our strategy is to take the company’s growth to the next level by developing our robust real estate portfolio which in return will add further value for our investors," he noted.

This new addition to Bahrain’s real estate scenario will further enhance the tourism infrastructure in the Kingdom and support the national economy, he added.