MANAMA, 27 September 2005 -- Two major construction projects were revealed here yesterday with Lulu MM planning a 95 million Bahraini dinar project ($252 million) that would be owned by a group of Bahraini, Saudi and UAE investors. The group will complete this project in coordination with Bahrain-based Pearls Real Estate Development Company. The project is set to be unveiled today. 'Abraj Al Lulu', which has been promoted as Bahrain's largest freehold luxury apartments project, will cover some 200,000 square feet and comprise three multistory residential towers housing over 860 apartments. It will also include a four-story car park accommodating over 1,100 cars.
Abraj Al Lulu will be located in the center of Manama across the highway from the Bahrain Financial Harbor and close to the Al Futtaim City Center, a 20-minute drive from the Saudi causeway and less than 10 minutes distance from the Bahrain International Airport. Pearl Real Estate Development Company Chairman Mohammed Dadabhai said that the project was due to be completed by December 2007. Dadabhai said they are targeting Gulf and expatriate families who wish to buy property and get a residence permit in order to make Bahrain their home.
"To further facilitate the acquisition procedure, we are in the closing stages of finalizing an agreement with a financial institution to provide the best mortgage deals to parties interested in investing in Abraj Al Lulu," he said. He added that the new apartments will offer sea and city views. The proximity of the project to the newest shopping centers, cineplexes, restaurants and downtown commercial district is an added feature.
Hatim Dadabhai, director of the Dubai-based Pegasus Realty -- the sales agents for the project, said that they have sold over 40 percent of the apartments to investors around the Gulf and Bahrain.
Al Hamad Construction and Development Company has been appointed as the construction contractors for the Abraj Al Lulu project. The company had been involved in the construction of similar large-scale projects such as the Financial Harbor and Al Areen Developments.
In a second project, 40 percent of the Bander Hotel Company was to be floated on stock markets to raise money to build a four-star hotel and furnished apartments. It will consist of a 20-story tower and consist of 150 rooms, 30 suites and 70 apartments. The proposed hotel would open by the end of 2007. According to a recent feasibility study by TRI Hospitality Consulting, four-star hotels profitability in Bahrain has doubled since 1998 while hotel room availability has risen by 109 percent.
By Mazen Mahdi
© Arab News 2005
