Manama - Bahrain Bay Development B.S.C.(c) announced today that it has signed a land purchase agreement with Salhia Real Estate Company (SREC), the Kuwaiti property developer to acquire land and develop a prestige commercial and retail tower with an expected value in excess of $125 million.
Salhia's development will be located within the same district as the Arcapita headquarters, CapitaLand's Raffles City Bahrain and the recently announced Al Baraka Banking Group headquarters.
SREC is one of Kuwait's leading publicly listed property developers. Established in 1974, Salhia has grown to become one of the region's most innovative property specialists and has established a global reputation for its development of major projects including hotels, shopping malls and the re-development of urban centers in the region and Europe.
Mr. Ghazi F. Al Nafisi, Salhia's Managing Director, said, "Our investment in Bahrain Bay is an exciting opportunity to be part of creating a place that will help define Bahrain for years to come. Bahrain Bay will undoubtedly become one of the region's landmark developments, shaped by its unique and aspiring vision. We intend for our design to reflect the vision of creating a dynamic waterfront community for Manama; a vibrant urban metropolis encapsulated by iconic architecture and waterfront views."
Bob Vincent, CEO of Bahrain Bay, added, "Bahrain Bay will set a new standard for urban living in the region by creating a modern metropolis that will become the driving force for the re-development of Manama's city waterfront. Bahrain Bay will be a genuine community filled with residents, businesses and visitors, living in and surrounded by stunning, contemporary architecture. For a select group of partners, this goal creates exceptional opportunities. Salhia Real Estate Company is exactly the kind of partner we want to work with as they share our vision of creating a sustainable legacy for the Kingdom of Bahrain. We are delighted to have Mr. Ghazi Fahad Al Nafisi and his team on board."
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About Bahrain Bay Development B.S.C.(c) (www.bahrainbay.com)
Bahrain Bay is a new metropolis coming to life. A vibrant destination in the heart of Manama, Bahrain, this distinct community is a fusion between the calm of water and the vitality of an urban centre, the essence of Bahraini tradition. Positioned off the north-eastern shore of Manama, Bahrain Bay is a landmark $2.5 billion waterfront development designed around vibrant neighbourhoods of residential, commercial and retail spaces, all based upon the unique concept of an island connected by two bridges forming an inner harbour. Contemporary in design and modern in its sensibility, Bahrain Bay brings a new energy to Bahrain, uniquely combining its diverse components and contrasting elements into an authentic and welcoming destination.
The community is anchored by three key developments: the Kingdom's only Four Seasons Hotel; CapitaLand's first GCC development, Raffles City Bahrain; and the new HQ building for Arcapita, the leading international investment firm and lead investor in the project. Final completion for the entire project is expected in the next 5 - 7 years.
Bahrain Bay is committed to establishing and maintaining a new standard of urban centre. With an emphasis on social fabric and sense of place, Bahrain Bay will be created as a complete community filled with residents, businesses and visitors from all over the world. Bahrain Bay offers a range of high quality development opportunities for developers to participate in creating residential, commercial and retail offerings around the anchor developments. In addition to the anchor developments, Bahrain Bay has attracted a $150 million investment from an Indian based JV between the Ajmera Group and Mayfair Housing to acquire land and develop one of the tallest residential buildings within the project, and a number of other sites are under offer.
Designed by Skidmore, Owings & Merrill, a world leading architecture and urban design firm based in New York, the masterplan for Bahrain Bay has been designed to create a fusion of neighbourhoods, open spaces, entertainment, retail and commercial areas which, together as Bahrain Bay, will serve as symbol of Bahrain's promising future.
For further information please contact:
Bahrain Bay sales centre
Tel: +973 17505555
?Website: www.bahrainbay.com
Gene` Redelinghuys
Bahrain Bay Development B.S.C.(c)
Email: gredelinghuys@bahrainbay.com
Tel: + 973 17505555
FD Bahrain
Tel: +973 17 537072
Email: jon.earl@fd.com
© Press Release 2007
