Retail attraction for Durrat Marina
Manama, May 7, 2014
Bahrain’s Durrat Marina is set to open tenders for its retail development that will run alongside its marina project at the $3.5-billion Durrat Al Bahrain in the south of the kingdom.
The retail strip, which is being promoted at the Gulf Property Show will have 42 outlets with a total built-up area of 5,200 sq m, comprising 3,800 sq m of retail space and 1,400 sq m of terrace space.
The final promenade will host a bevy of cafes and restaurants, high-end trendy boutiques and a wide range of leisure activities. “With the new retail development, Durrat Marina is adding yet another milestone to its project delivery,” said Othman Janahi, chief investment officer, Durrat Marina.
This comes following the launch of the Phase One of the $1.3-billion project, which covers an area of 600,000 sq m and is destined to become the first mixed-use marina development of its kind in the Middle East.
Spread across an area of 477,000 sq m, Phase One includes 20 villas on the main island, luxury serviced apartments, residential apartment blocks, as well as a dedicated yacht club, and the promenade.
Construction of the villas is in the final stages and will be handed over by the end of this year, while the dedicated yacht club known as Marina Yacht Club will be up and running from July. In addition, the two residential apartment buildings have also been developed and will be handed over by the main contractor by December 2015. The company is currently in talks with an investor to develop the mixed-use buildings and residential apartments.
Each villa at Durrat Marina – a four-bedroom abode with a swimming pool – was initially priced at BD198,000 ($525,000) and is currently selling at BD230,000 ($609,900), he added.
The company plans to start work on Phase Two as soon as infrastructure work on Phase One is completed. Currently, Durrat Marina is working on the design of 18 villas under Phase Two. “Depending on the market response, we may add 30 villas or offer land to third-party developers,” he said.
Durrat Marina, jointly developed by Tameer and Durrat Khaleej Al Bahrain, is a key component of Durrat Al Bahrain.
Tameer/Durrat Marina is at Stands 1C61 and P008. - TradeArabia News Service