Manama - CapitaLand, the Asian real estate developer of Raffles City Bahrain, yesterday announced that sales of residential apartments in the integrated waterfront development located in the prime Bahrain Bay area will be opened to the public at Cityscape Dubai today.
Private sales of the residential apartments in Raffles City Bahrain had enjoyed a very good response when conducted earlier in June. Around 80 percent, or 101 units, of the total 124 available units for sale were booked within three weeks of the private sales launch. The average sale price had touched an unprecedented level for the Kingdom at BD1,750 per square metre.
Raffles City Bahrain is CapitaLand's first integrated development project in the GCC region and its first Raffles City development outside Asia. In Asia, CapitaLand currently has one Raffles City in Singapore and four in major cities in China. CapitaLand chose to develop the internationally recognised Raffles City brand in Manama due to Bahrain's attractive investment climate, strong economic diversification and its burgeoning hospitality industry seen in the country. CapitaLand also manages the Shari'ah-compliant equity sukuk fund that owns Raffles City Bahrain.
Raffles City Bahrain enjoys a prime waterfront location within Bahrain Bay, the new premier residential, commercial and retail district undertaken by leading Bahrain-based international investment bank, Arcapita. Earlier, CapitaLand had partnered Arcapita in other real estate ventures like ARC-CapitaLand Residences Japan, a portfolio of rental apartments in key cities in Japan, and more recently, to jointly develop an IT park and office development in Navi Mumbai, India.
"CapitaLand recognises the vital alliances made to deliver a successful Raffles City project within Bahrain Bay," said Wong Heang Fine, CEO of CapitaLand GCC Holdings Pte Ltd. "CapitaLand's entry into the GCC region is part of our strategy to balance our investments in the fast growing economies in Asia. This has paid off for us as the overall GCC real estate market remains healthy despite global uncertainties, and this is reflected in the success of our private sales of residential apartments in Raffles City Bahrain earlier this year."
The Raffles City Bahrain integrated development will comprise three residential towers, landscaped sky villas, high-end retail outlets and food and beverage facilities, as well as five-star serviced residences. The architectural concept was conceived by the renowned international architect, Rafael Viñoly, and is inspired by the intrinsic geometry of the bay and the sea.
The three curving apartment towers, with varying heights of 34, 37 and 41 storeys, form the backdrop of the integrated development, which rises above the 92,000-square metre luxury retail mall. There are a total of 12 two-storey penthouses and over 600 luxury high-rise and terraced apartments. Below these, sit the 50 terraced sky villa residences. Each sky villa includes a private swimming pool, landscaped terraces, courtyards and drive-up parking garage access. The project is due for phased completion from Q4 2010 and the residential components will be named in due course.
The public will be able to view the model for Raffles City Bahrain, for the first time at Cityscape Dubai, at stand 7A10 in Hall 7 with a stand-alone booth. Senior CapitaLand and Raffles City Bahrain representatives will be present to welcome VIPs and visitors alike.
© The Peninsula 2008
