Sale of first phase 390 villas begins today Tenders for 17 causeways linking the 13 islands of the Durrat Al Bahrain project will be opened within six months, a top official at the project said. Jassim Al Jowder, deputy general manager and chief operating officer Durrat Al Bahrain, told Bahrain Tribune that the sale of first phase 390 villas will open today and is expected to be closed within three days.
The project's laser presentation-cum-Press Conference is scheduled for today at the Ritz-Carlton Hotel and Spa where the models of the various phases would also be unveiled. The event will be held under the patronage of the Prime Minister, Shaikh Khalifa bin Salman Al Khalifa, and is expected to be attended by the shareholders, prospective buyers and the Government officials.
Durrat Al Bahrain, worth over $1 billion housing project being developed on 20 square kilometres has become the biggest-ever housing project carried out in Bahrain, is a prime example of public-private partnership where Kuwait Finance House and the Government of Bahrain are holding equal stakes.
Durrat Al Bahrain, located in southeast of Bahrain, will be connected with the heart of the Kingdom through 23 highways and two bridges. A 66 KW power station is being installed for the area. There are 13 islands, presenting a replica of crescent, which will offer 2,000 villas and 3,000 apartments spreading over 11 islands. This is something new, well-planned and will help preserve the rich environmental heritage of the Kingdom. "We are creating a complete new downtown area in the south of the country offering a comprehensive solution to the traffic congestions, environment pollutions and at the top of it the posh area with an estimated population of 300,000 can enjoy a completely different hospitality environment.
The service apartments, 18-hole golf course, 2-km private beaches, the first four-minaret Ottoman style mosque, dedicated areas for the best private educational institutions and schools, hospitals and health centres, coffee shops, family hotel, traditional Bahraini souq, aqua park and shopping mall are just few examples of the master plan of the project," Al Jowder said. "We are not targeting the high net worth individuals alone but it will be a huge opportunity for people with limited resources as the prices of the villas and apartments have been worked out carefully and bearing in mind the market needs," he said.
"The developers of the project have already worked out a financial instrument called Ijara-lease with the Kuwait Finance House. This will solve the problem of people who want to buy but don't have adequate funds in hand," he said, adding the same mode of Ijara leases will also be made available from all Islamic as well as conventional banks. "We are determined and committed to provide all possible assistance to our client base and affordable prices, readily available bank financing facilities are reflective of our vision and strategy," Al Jowder emphasised. "We believe in helping people and the developing company will continue to work for the clients for both middle and high class clients.
"This project is not meant for the locals or GCC nationals but also for expatriates who constitute about over 40 per cent of the total population of the Kingdom. The freehold ownership law announced by the Kingdom has opened new vistas of investments for the expatriates living in Bahrain. Through freehold they can buy and retain as long as they want and all facilities including the residence permit are available for such prospective investors," he explained.
The new highway will connect the project with Alba roundabout and residents of new Durrat Al Bahrain will be at 10-minute drive from the main areas of the country. The first phase will be ready by 2006 with entire basic infrastructure in place within 24 months after the formal launch of the first phase. The entire project will be ready by 2008 or early 2009 as the infrastructure development is already in full swing. This project is estimated to cost $105 million initially. "We don't believe in high rise buildings as we would go for normal infrastructure and not skyscrapers. We want to keep the one community aspect alive, as the private beaches will be opened to only residents of the areas," he said.
© Bahrain Tribune 2005
