Manara Developments Company soon to unveil its new flagship project - Nurana |
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US$ 1 billion project to be developed as a mixed-use sustainable urban community Manama, October 20th, 2008: Manara DevelopmentsManara Developments
, a recently-launched Bahraini real estate development company, is gearing up to launch its US$1 billion (BD 378 million) flagship development project, Nurana. The project, located to the North West of the Bahrain Fort and spread across 2 million square metres of reclaimed land, is set to create a vibrant and sustainable community inspired by the unique historical, geographical and cultural characteristics of its surrounding location. Manara DevelopmentsManara Developments has been appointed by NS Holdings Co., the project's owners, to be the development managers on this unique project and provide a suite of comprehensive development services. The company has further appointed M/S HAJ to be the Project Manager for Nurana, and has been working with international experts Davenport Campbell on the master planning, in response to extensive market research studies.
Approximately 60% of the project will be earmarked for residential use covering all budgets, while the remaining 40% will provide a mix of commercial, retail, hospitality and civic amenity land uses.
The design and development of Nurana has been guided by ManaraManara's 'All Considered' philosophy that gives the project its people-centric focus, economic dynamism and social responsibility. This mixed-use community will be designed and developed in harmony with the unique heritage of the location, bringing to life a very significant part of Bahrain's history, and creating a hub of creativity and culture.
According to Kareem Shamma, CEO of Manara DevelopmentsManara Developments, "Nurana's location has been chosen for three reasons. Environmentally, it is at a cross point between land and sea, hence encouraging a connection with the natural surroundings. Secondly, it builds on the island's history because of its proximity to the historic Bahrain Fort, which was once the gateway to the Dilmun civilisation, and thereby creates a bridge between the past, present and future. Lastly, it marks the transition from rural areas to urban areas, with proximity to the modern and stylish Seef district, and provides a spatial meeting point for all nationalities to blend, fostering the growth of organic communities".
"A combination of these factors will no doubt create a very strong sense of place because of the significant influence of the physical and cultural dynamics that are at work in defining Nurana as a unique location for those seeking an authentic cultural experience," explained Mr. Shamma.
The brand philosophy has also taken these points into consideration. Starting with the name 'Nurana', which is similar to 'our light' in Arabic, the project theme centres on 'Bahrain's Spirit...Reborn', positioning Nurana as the light that will shine over Bahrain and act as a vehicle for reviving Bahrain's spirit and rich past which thrived on culture, heritage and the arts. The project plans to highlight the cultural, historic and creative attributes that make Bahrain unique, by incorporating design features into the project's overall masterplan, that link it back to the island's past glory. The English word sounds similar to 'nirvana' and underlines the state of peace and tranquillity that the development aims to provide to those who would be part of the community in Nurana.
The conceptual master plan for Nurana has been finalised and the more detailed designs of its various neighbourhoods is now underway. Manara DevelopmentsManara Developments are close to finalising the dredging and reclamation contract for work to commence on the site in end 2008 start of 2009.
ManaraManara's total project portfolio is currently worth an estimated US$2.6 billion (BD1 billion) and covers a total area of approximately 8 million square meters. Set to increase as new projects come into play, ManaraManara's projects range in size from medium to large scale.
The company aims to become one of the top regional real estate developers in turnover value, by delivering a distinct portfolio of projects that are sensitive to their surroundings and leave a positive imprint on the community from a social, economic and environmental perspective. ManaraManara will strive to develop conscientiously with the best interests of the community in mind and deliver projects that sustain communities, enhance environmental appreciation and promote economic growth, whilst optimising investor returns.
-Ends-
For press enquiries contact:
Irene Karamitsou
ManaraManara Developments
T: +973 1751 4404
F: +973 1751 4405
© Press Release 2008
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