Manama: Abraj Al Lulu, Bahrain's largest freehold luxury apartments project was unveiled on Tuesday during a ceremony organised here at the Ritz Carlton Hotel.
The BD95m Abraj Al Lulu project, the first of its kind in the kingdom of Bahrain, was initiated by Bahrain-based Pearl Real Estate Development Company (PREDC), which is co-owned by a group of Bahrain, Saudi and Emirates investors who boast a wide experience and proven expertise in the real estate sector. The project is expected to be completed by December 2007.
Strategically located in the heart of Manama, Bahrain's capital, across the highway from the Bahrain Financial Harbour and opposite the Al Futtaim City Centre, "Abraj Al Lulu" is 20-minutes away from the Bahrain International Airport.
The project covers an area of 200,000 square feet and will comprise of three multi-storey residential towers offering superior amenities fit for a luxurious life. The towers will house over 860 state-of-the-art apartments that will be complemented by a four-storey car park that will be able to accommodate over 1100 cars.
Mohammed Dadabhai, chairman of PREDC, said "this ground-breaking freehold luxury apartments project fulfils the needs and desire of many Gulf and expatriate families who wish to buy property and get a residence permit in order to make Bahrain their home.
To further facilities the acquisition procedure, we are in the closing stages of financial an agreement with a leading financial institution to provide the best mortgage finance deals to parties interested to invest in Abraj Al Lulu.
He added that that this venture would not be the last of its kind as the company was seeking to expand its project-base to further contribute towards the country social and economic development and potential investors should be encouraged to embark on similar initiatives in order to further benefit Bahrain and its citizens.
Hatim Dadabhai, director of Dubai-based Pegasus Realty said "We are extremely pleased with the tremendous interest witnessed by Abraj Al Lulu and have to-date sold over 40 percent of the apartments to the investors around the GCC and Bahrain, which is an extremely positive sign for a development project of this nature."
© The Peninsula 2005
