13 October 2003
THE $1 billion Amwaj Islands project will have all necessary infrastructure in place by October next year. The other three major projects namely, Mina Tower ($50 million), Saraya Al Bahar ($40million) and Al Marsa Floating City ($70 million) projects will be completed within 18 months.
Neil D’Silva, Managing Director of Norwich Property Consultants, the official promoters of these projects, told the Tribune yesterday that three projects would be completed with a total cost of $160 million. “These model projects will change the definition of the housing and office facilities across the Kingdom. We are offering the best units in all these three major development projects,” he explained.
“Bahrain’s real estate market has been flourishing over the past few years and this is just the beginning of that rise,” he said, adding that since the Government announced that foreigners were eligible to buy properties on man-made islands and other commercial, tourist spots in five specific locations has largely helped the real estate market to appreciate its prices within a very short period of time. “The projects are coming at the right time when the Kingdom opens up to one of the major global sports endeavours i.e. F1 Grand Prix next year.
Amwaj Islands, the replica of Sharm El Sheikh of Egypt, is spread over three million square metres and offers the best possible facilities to cater for the needs of a community living on the Island. “Amwaj is the main island where majority of residential and commercial plots are situated. Commercial plots and buildings will vary from fine-dining restaurants to high-rise apartment buildings, deluxe hotels, private lagoons and beach front houses. The whole project will take three years to complete but few houses of Phase I will be completed in 18-months from the day of signing the contract with initial down payment.
“Al Marsa Floating City or little Venice in Bahrain, is the ‘Waterfront’ neighbouring district of Amwaj Islands and consists of 264,000 square metre. Marsa offers unique funding facilities through equity participation of 50 per cent by the Shamil Bank and 50 per cent by the YBA Kanoo Group of Companies,” D’Silva explained. “Al Marsa Floating City is the first man-made island on the Kingdom where waterfront villas, chalets and flats are being built,” he said.
Explaining about the interest generated by Al Marsa he said that over 90 per cent of Al Marsa project has already been sold. “We have sold 91 per cent of total units in just four and half months. Due to growing demand and to the limitation in units we are very confident that all units will be sold in by the end of the month,” he said.
“The concept is similar to Venice and that’s why we call it “little Venice” and is also similar to Port Grimmaud along the coast of San Topaz. The project is designed by architect Bernard Spoerry, son of the renowned Fancois Spoerry, founder and the designer of Port Grimmaud in co-operation with architect Ahmed Bucheery of Gulf Engineering,” he said.
“Al Marsa Floating City-is the waterfront housing project where all villas, chalets and apartments are surrounded by a 2.5 metre deep canal with facilities to park your boat outside your doorstep. The floating city consists of a shopping mall, banks, a souq, a banquet hall, an 8-storey condominium and a yatch club complete with full marine facilities. All housing units are provided with latest sophisticated Internet shopping and delivery services,” he added.
THE $1 billion Amwaj Islands project will have all necessary infrastructure in place by October next year. The other three major projects namely, Mina Tower ($50 million), Saraya Al Bahar ($40million) and Al Marsa Floating City ($70 million) projects will be completed within 18 months.
Neil D’Silva, Managing Director of Norwich Property Consultants, the official promoters of these projects, told the Tribune yesterday that three projects would be completed with a total cost of $160 million. “These model projects will change the definition of the housing and office facilities across the Kingdom. We are offering the best units in all these three major development projects,” he explained.
“Bahrain’s real estate market has been flourishing over the past few years and this is just the beginning of that rise,” he said, adding that since the Government announced that foreigners were eligible to buy properties on man-made islands and other commercial, tourist spots in five specific locations has largely helped the real estate market to appreciate its prices within a very short period of time. “The projects are coming at the right time when the Kingdom opens up to one of the major global sports endeavours i.e. F1 Grand Prix next year.
Amwaj Islands, the replica of Sharm El Sheikh of Egypt, is spread over three million square metres and offers the best possible facilities to cater for the needs of a community living on the Island. “Amwaj is the main island where majority of residential and commercial plots are situated. Commercial plots and buildings will vary from fine-dining restaurants to high-rise apartment buildings, deluxe hotels, private lagoons and beach front houses. The whole project will take three years to complete but few houses of Phase I will be completed in 18-months from the day of signing the contract with initial down payment.
“Al Marsa Floating City or little Venice in Bahrain, is the ‘Waterfront’ neighbouring district of Amwaj Islands and consists of 264,000 square metre. Marsa offers unique funding facilities through equity participation of 50 per cent by the Shamil Bank and 50 per cent by the YBA Kanoo Group of Companies,” D’Silva explained. “Al Marsa Floating City is the first man-made island on the Kingdom where waterfront villas, chalets and flats are being built,” he said.
Explaining about the interest generated by Al Marsa he said that over 90 per cent of Al Marsa project has already been sold. “We have sold 91 per cent of total units in just four and half months. Due to growing demand and to the limitation in units we are very confident that all units will be sold in by the end of the month,” he said.
“The concept is similar to Venice and that’s why we call it “little Venice” and is also similar to Port Grimmaud along the coast of San Topaz. The project is designed by architect Bernard Spoerry, son of the renowned Fancois Spoerry, founder and the designer of Port Grimmaud in co-operation with architect Ahmed Bucheery of Gulf Engineering,” he said.
“Al Marsa Floating City-is the waterfront housing project where all villas, chalets and apartments are surrounded by a 2.5 metre deep canal with facilities to park your boat outside your doorstep. The floating city consists of a shopping mall, banks, a souq, a banquet hall, an 8-storey condominium and a yatch club complete with full marine facilities. All housing units are provided with latest sophisticated Internet shopping and delivery services,” he added.
© Bahrain Tribune 2003
